Ex-financier free on bail in insider trading case

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Mathew Martoma, right, former SAC Capital Advisors hedge fund portfolio manager enters Manhattan federal court, Monday, Nov. 26, 2012, in New York. Martoma was arrested on charges that he helped carry out the most lucrative insider trading scheme in U.S. history, enabling investment advisers and their hedge funds to make more than $276 million in illegal profits. (AP Photo/ Louis Lanzano)


NEW YORK (AP) — A former hedge fund portfolio manager accused of enabling a quarter of a billion dollars in profits through inside information is free on bail.

Mathew Martoma appeared in a New York court Monday for the first time and was released on $5 million bail after his 12-minute appearance before a federal magistrate judge.

Martoma was arrested last week on charges that between 2006 and 2008, he helped to engineer one of the largest inside trading frauds in history. Martoma worked with CR Intrinsic Investors, an affiliate of SAC Capital Advisors. SAC is owned by Steven A. Cohen, one of the world's richest men.

Martoma's lawyer, Charles Stillman, said outside court that he and his client will return to fight the case another day.