The U.S. said SAC reversed a bullish stance on the drugmakers, liquidating a $700 million position and selling the stocks short a few days after a 20-minute phone call between Martoma and Cohen in July 2008.
Having refused to cooperate, Martoma now faces trial for what the government claims was the biggest illegal trade in U.S. history. J Pressure on Martoma, 39, to cooperate with the probe included an approach by agents of the Federal Bureau of Investigation that made him faint in his own front yard, and an indictment unsealed in 2012 on the Friday before Christmas.
A steady drumbeat of convictions of insider traders in the probe, including SAC portfolio manager Michael Steinberg last month, may have further ratcheted up the pressure ahead of the trial this week in Manhattan federal court.
For more information - N.J. doc's testimony expected in landmark insider trading trial against ex-SAC portfolio manager | NJ.com
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