NEW YORK, N.Y. – A New Jersey doctor says he revealed secrets about an Alzheimer’s drug trial to a money manager for a large hedge fund despite his pledge to keep the information confidential.
Dr. Joel Ross testified Tuesday for the government at the New York federal court trial of Mathew Martoma, an ex-portfolio manager for Stamford, Conn.-based SAC Capital Advisors.
Martoma is charged with insider trading offences. Prosecutors say the Boca Raton, Fla., resident persuaded Ross and another doctor to leak information about the testing of a drug to treat Alzheimer’s. Martoma has pleaded not guilty.
Ross says he shared information with Martoma, who paid him $1,500 an hour. Ross says he then asked for the stock trader’s help in contacting biotechnology companies as he opened a research centre to test new drugs in Eatontown, N.J.