Doctor testifies he lost job after tipping trader
NEW YORK (AP) -- A former top Alzheimer's researcher says he was forced out of his job at the University of Michigan after sharing secrets about a drug trial with a hedge fund trader.
Sidney Gilman told a jury at a trial in federal court in Manhattan on Friday that he was allowed to retire in 2012. The 81-year-old doctor says he otherwise would have been fired for telling former SAC Capital Advisors portfolio manager Mathew Martoma in 2008 about the results of a clinical trial of a promising new drug.
Martoma is being tried on insider trading charges.
The government says he learned secrets that enabled his company to earn more than a quarter of a billion dollars. The Stamford, Conn.-based company has pleaded guilty to fraud charges and agreed to pay $1.8 billion.