UM: Insider Trading

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Forbes and other media are reporting on a massive insider trading deal involving Sidney Gilman of the University of Michigan Medical School, who allegedly gave information about an Alzheimer’s drug clinical trial to an investment portfolio manager – Matthew Martoma – prior to official release of the results. Martoma, who was arrested in Florida on Tuesday, reportedly made $276 million by trading on that insider information. From the Forbes’ report: ”Gilman appears to be participating with prosecutors, as a neurology professor at a leading medical school is listed as a ‘cooperating witness’ who has entered into an non-prosecution agreement with the authorities.” [Forbes] [USA Today] [Los Angeles Times] [Wall Street Journal] [New York Times] [Bloomberg News] [Link to U.S. Securities & Exchange Commission report]