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What connection does he have with cono or Mitch Brown? I honestly dont think Cono can afford his pay rate.
NEW YORK (Reuters) - Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC Capital Advisors LP hedge fund, was sentenced on Monday to nine years in prison for engaging in what authorities called the most lucrative insider trading scheme in U.S. history.
U.S. District Judge Paul Gardephe in New York said he had to account for the "enormous" $275 million gain SAC obtained as a result of illegal trades in pharmaceutical stocks. Prosecutors said the trades were based on tips Martoma received about a clinical trial for an Alzheimer's drug.
"I cannot and will not ignore that the gain is hundreds of millions of dollars more than ever seen in an insider trading prosecution," Gardephe said.
The sentence came despite appeals for leniency by Richard Strassberg, Martoma's lawyer, who cited "fragile family circumstances." Gardephe also ordered Martoma to forfeit $9.3 million, including his Boca Raton, Florida, home.
While Martoma, 40, faced up to 19-1/2 years in prison under federal sentencing guidelines, Gardephe said such punishment should be reserved for repeat offenders or criminal enterprise leaders.
But the judge said a severe sentence was nonetheless necessary, saying "there was nothing accidental about Mr. Martoma's conduct or the gain realized."
Martoma, whom a jury convicted in February of securities fraud and conspiracy, made no comment as he left the court holding his wife's hand.
The ex-trader and his family were "devastated by the outcome," said Lou Colasuonno, a spokesman for Martoma, saying an appeal is planned.
The nine-year sentence is among the longer prison terms in U.S. insider trading cases, reflecting a trend of increasingly lengthy sentences in recent years.
In 2012, corporate lawyer Matthew Kluger was sentenced in New Jersey to 12 years for trading on information from law firms about mergers. A year earlier, Galleon Group hedge fund founder Raj Rajaratnam was sentenced in New York to 11 years.
Manhattan U.S. Attorney Preet Bharara, whose office is engaged in a broad crackdown on insider trading, called the nine-year sentence "well-suited to the audacity of the illegal trading in this case."
The case against Martoma, who worked in SAC's CR Intrinsic Investors unit, stemmed from a long-running insider trading investigation of the hedge fund.
Eight employees have been convicted, and SAC last year agreed to pay $1.8 billion in criminal and civil settlements and plead guilty to fraud charges.
SAC recently changed its name to Point72 Asset Management, and the Stamford, Connecticut-firm was transformed into a family office managing Cohen's fortune.
Prosecutors said Martoma sought confidential information from doctors involved in a clinical trial of an Alzheimer's drug being developed by Elan Corp, since acquired by Perrigo Co , and Wyeth, now a unit of Pfizer Inc .
Based on a tip Martoma received from Sidney Gilman, a former University of Michigan professor who chaired the drug's safety monitoring committee, SAC Capital in July 2008 began selling its $700 million position in Elan and Wyeth, prosecutors said.
They said most of the trading occurred in accounts controlled by Cohen, who had a 20-minute phone call with Martoma after receiving information about the negative results of the study.
Cohen has not been criminally charged.
He faces a U.S. Securities and Exchange Commission civil action seeking to bar him from the financial services industry for failing to supervise Martoma and Michael Steinberg, an SAC portfolio manager convicted of insider trading in a separate trial in December.
Cohen denies wrongdoing. A spokesman declined to comment.
The case is U.S. v. Martoma, U.S. District Court, Southern District of New York, 12-cr-00973.
(Additional reporting by Jonathan Stempel)
(c) Copyright Thomson Reuters 2014. Click For Restrictions - http://about.reuters.com/fulllegal.asp
Who do you think Mitch Brown will appoint as CEO. I doubt the SEC will allow him to be an officer of a publically traded company if convicted of the pending charges.
I think Judge Young is much like her, No nonsence type of man. Read the articles below. You commit the crime, he gives you time.
http://www.nytimes.com/2013/09/29/business/why-judges-are-scowling-at-banks.html?pagewanted=all
http://www.nytimes.com/2003/01/31/national/31SHOE.html
http://www.pli.edu/Content/Faculty/Hon_William_G_Young/_/N-4oZ1z13axw?ID=PE269033
More INFO on the Court case of Mitchell Brown and co-defendants.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=105736356
scion
Thursday, 08/28/14 09:41:07 AM
Re: scion post# 74211
Post # of 75269
Pacer update 27 Aug 14 - USA v. Affa et al CRIMINAL DOCKET FOR CASE #: 1:14-cr-10221
https://ecf.mad.uscourts.gov/cgi-bin/iquery.pl
Date Filed # Docket Text
08/27/2014 36 MOTION for Protective Order as to Michael Affa, Andrew Affa, Mitchell Brown, Christopher Putnam, Christopher Nix by USA. (Attachments: # 1 Exhibit Proposed Protective Order)(Palid, Andrew) (Entered: 08/27/2014)
08/19/2014 35 Case as to Andrew Affa no longer referred to Magistrate Judge Robert B. Collings. (Russo, Noreen) (Entered: 08/19/2014)
08/19/2014 34 Magistrate Judge Robert B. Collings: ELECTRONIC ORDER entered granting 32 Letter (non-motion)as to Andrew Affa. (Russo, Noreen) (Entered: 08/19/2014)
08/18/2014 33 Judge William G. Young: ELECTRONIC ORDER entered. Order Referring Case to Magistrate Judge Robert B. Collings Reason for referral: Ruling on 32 Request for Travel as to Andrew Affa. (Gaudet, Jennifer) (Entered: 08/18/2014)
08/15/2014 32 Andrew Affa - Permission to Travel Letter (non-motion) regarding Permission to Travel as to Andrew Affa (Losquadro, Steven) (Entered: 08/15/2014)
08/13/2014 31 Arrest Warrant Returned Executed on 7/9/2014 as to Christopher Putnam. (York, Steve) (Entered: 08/13/2014)
08/13/2014 30 Arrest Warrant Returned Executed on 7/9/2014 as to Christopher Nix. (York, Steve) (Entered: 08/13/2014)
United States District Court
District of Massachusetts (Boston)
CRIMINAL DOCKET FOR CASE #: 1:14-cr-10221-WGY All Defendants
Case title: USA v. Affa et al
Magistrate judge case numbers: 1:14-mj-01051-RBC
1:14-mj-01052-RBC
1:14-mj-01053-RBC
1:14-mj-07112-JCB
Date Filed: 07/23/2014
Assigned to: Judge William G. Young
Defendant (1)
Michael Affa
also known as
Michael A. Affa represented by
Robert M. Goldstein
20 Park Plaza, Suite 1000
Boston, MA 02116
617-742-9015
Fax: 617-742-9016
Email: rmg@goldstein-lawfirm.com
LEAD ATTORNEY
ATTORNEY TO BE NOTICED
Designation: Retained
Pending Counts
Disposition
18:371...CONSPIRACY TO COMMIT SECURITIES FRAUD AND WIRE FRAUD
(1)
15:78j(b), 78(ff); 17 C.F.R. SEC. 240.10b5; AND 18:2...SECURITIES FRAUD
(2)
18:1343, 1349, AND 2...WIRE FRAUD
(3-7)
Highest Offense Level (Opening)
Felony
Terminated Counts
Disposition
None
Highest Offense Level (Terminated)
None
Complaints
Disposition
18:371 - CONSPIRACY
Assigned to: Judge William G. Young
Defendant (2)
Andrew Affa
also known as
Andrew J. Affa
represented by Steven E. Losquadro
649 Route 25A
Suite 4
Rocky Point, NY 11778
631-744-9070
Fax: 631-744-9421
Email: losquadrolaw@aol.com
LEAD ATTORNEY
PRO HAC VICE
ATTORNEY TO BE NOTICED
Designation: Retained
William H. Connolly
Law Offices of William H. Connolly
20 Park Plaza
Suite 1000
Boston, MA 02210
617-542-0200
Email: whc@williamconnollylaw.com
ATTORNEY TO BE NOTICED
Designation: Retained
Pending Counts
Disposition
18:371...CONSPIRACY TO COMMIT SECURITIES FRAUD AND WIRE FRAUD
(1)
15:78j(b), 78(ff); 17 C.F.R. SEC. 240.10b5; AND 18:2...SECURITIES FRAUD
(2)
18:1343, 1349, AND 2...WIRE FRAUD
(3-7)
Highest Offense Level (Opening)
Felony
Terminated Counts
Disposition
None
Highest Offense Level (Terminated)
None
Complaints
Disposition
18:371 - CONSPIRACY
Assigned to: Judge William G. Young
Defendant (3)
Mitchell Brown
also known as
Mitchell H. Brown
represented by Richard Roth
295 Madison Avenue
Floor 22
New York, NY 10017
(212) 542-8882
Fax: (212) 542-8883
LEAD ATTORNEY
PRO HAC VICE
ATTORNEY TO BE NOTICED
Designation: Retained
Danielle Pomeraniec
The Roth Law Firm, PLLC
295 Madison Avenue
Floor 22
New York, NY 10017
(212) 542-8882
Fax: (212) 542-8883
Email: danielle@rrothlaw.com
PRO HAC VICE
ATTORNEY TO BE NOTICED
Designation: Retained
Robert S. Messinger
Nystrom Beckman & Paris LLP
One Marina Park Drive, 15th Flr.
Boston, MA 02210
617-778-9104
Fax: 617-778-9110
Email: robert.messinger@gmail.com
ATTORNEY TO BE NOTICED
Designation: Retained
Pending Counts
Disposition
18:371...CONSPIRACY TO COMMIT SECURITIES FRAUD AND WIRE FRAUD
(1)
15:78j(b), 78(ff); 17 C.F.R. SEC. 240.10b5; AND 18:2...SECURITIES FRAUD
(2)
18:1343, 1349, AND 2...WIRE FRAUD
(3-7)
Highest Offense Level (Opening)
Felony
Terminated Counts
Disposition
None
Highest Offense Level (Terminated)
None
Complaints
Disposition
18:371 - CONSPIRACY
Assigned to: Judge William G. Young
Defendant (4)
Christopher Putnam
also known as
Christopher R. Putnam
represented by Joshua Robert Hanye
Federal Public Defender's Office
5th Floor
51 Sleeper Street
Boston, MA 02210
617-223-8061
Email: joshua_hanye@fd.org
LEAD ATTORNEY
ATTORNEY TO BE NOTICED
Designation: Public Defender or Community Defender Appointment
Pending Counts
Disposition
18:371...CONSPIRACY TO COMMIT SECURITIES FRAUD AND WIRE FRAUD
(1)
15:78j(b), 78(ff); 17 C.F.R. SEC. 240.10b5; AND 18:2...SECURITIES FRAUD
(2)
18:1343, 1349, AND 2...WIRE FRAUD
(3-7)
Highest Offense Level (Opening)
Felony
Terminated Counts
Disposition
None
Highest Offense Level (Terminated)
None
Complaints
Disposition
18 U.S.C. § 371 Conspiracy to Commit Securities Fraud.
Assigned to: Judge William G. Young
Defendant (5)
Christopher Nix
also known as
Gabe Nix
also known as
Christopher G. Nix
represented by Jonathan L. Kotlier
Nutter, McClennen & Fish, LLP
Seaport West
155 Seaport Boulevard
Boston, MA 02210-2604
617-439-2000
Fax: 617-310-9683
Email: jkotlier@nutter.com
LEAD ATTORNEY
ATTORNEY TO BE NOTICED
Designation: Retained
Pending Counts
Disposition
18:371...CONSPIRACY TO COMMIT SECURITIES FRAUD AND WIRE FRAUD
(1)
15:78j(b), 78(ff); 17 C.F.R. SEC. 240.10b5; AND 18:2...SECURITIES FRAUD
(2)
18:1343, 1349, AND 2...WIRE FRAUD
(3-7)
Highest Offense Level (Opening)
Felony
Terminated Counts
Disposition
None
Highest Offense Level (Terminated)
None
Complaints
Disposition
18 U.S.C. § 371 Conspiracy to Commit Securities Fraud.
Plaintiff
USA
represented by Eric A. Forni
United States Attorney's Office MA
Suite 9200
1 Courthouse Way
Boston, MA 02210
617-573-8827
Email: eric.forni@usdoj.gov
LEAD ATTORNEY
ATTORNEY TO BE NOTICED
Designation: Assistant US Attorney
Vassili Thomadakis
US Attorney's Office - MA
J. Joseph Moakley U.S. Courthouse
1 Courthouse Way
Suite 9200
Boston, MA 02210
617-748-3248
Email: vassili.thomadakis@usdoj.gov
LEAD ATTORNEY
ATTORNEY TO BE NOTICED
Designation: Assistant US Attorney
Andrew J. Palid
Securities and Exchange Commission - MA
33 Arch Street
23rd Floor
Boston, MA 02110-1424
(617) 573-4540
Email: palida@sec.gov
https://ecf.mad.uscourts.gov/cgi-bin/iquery.pl
quote TRULY Sucks!!!!!!
Not like it will when lands in the cell with BUBA.
FBI REPORT
http://www.fbi.gov/boston/press-releases/2014/boston-undercover-operation-results-in-sec-and-criminal-securities-fraud-charges
Seriousely? You dont think it could have anything to do with this?
Volume ZERO
Cono Italianc CEO arrested and charged by the FBI Truly sad for the entire company, employees and stockholders.
This is not what I call " Lead by example"!
Mitch will have to sell a bunch of those shares for attorney’s fees. Did you see who he hired?
http://rrothlaw.com/richard-roth/
Court Documents thanks scion
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=105045902
Just noticed the date and time. Thanks
Wire Fraud 20 Years
Looks like Mithch Brown could be facing some serious time if found guilty!
Wire Fraud Penalties
A person convicted of wire fraud faces significant potential penalties. A single act of wire fraud can result in fines and up to 20 years in prison. However, if the wire fraud scheme affects a financial institution or is connected to a presidentially declared disaster or emergency, the potential penalties are fines of up to $1,000,000 and up to 30 years in prison.
http://www.criminaldefenselawyer.com/resources/wire-fraud.htm
CJAKE1
I seriously doubt that this will take long! Mitch Brown and his fellow Criminals came to the undercover FBI agent. He did not solicit them. They better prepare their affairs in advance. I suspect they will do a minimum of 5 years each in prison. The FBI and the SEC have a ROCK SOLID case. Any jury in the Country would convict them!
Mitch Brown makes the NEWS ONCE AGAIN
http://www.securitieslawyer101.com/receivership-shell/
This case is about as Slam Dunk as I have ever seen. They were dealing directly with an undercover FBI agent. All that’s left now is the court formalities and sentencing.
SEC Complaint. Mitch Brown CEO of CONZ is named along with some of the stock pump sites beginning line 35.
http://www.sec.gov/litigation/complaints/2014/comp-pr2014-135.pdf
Couldn't tell it today? Back in the trips. Are you sure that was not an error? How could it loose over 75% of its value if not? Was it another Pump and Dump scheme?
I thought the 17 was a joke myself.
Here's a little background on Donald Baillargeon the Money TV guy. Long time fraudster!
SEC Filing on the goat and tree con.
https://www.sec.gov/litigation/litreleases/lr18190.htm
NICE MOVE UP TODAY.
Any new news on Dean Janes IMGG?
ARIAD Announces Positive Opinion by the European Medicines Agency on the Continued Availability of Iclusig in Patients with L...
Date :
11/22/2013 @ 7:46AM
Source :
Business Wire
Stock :
Ariad Pharmaceuticals, Inc. (MM) (ARIA)
Quote :
2.79 0.0 (0.00%) @ 7:53AM
ARIAD Announces Positive Opinion by the European Medicines Agency on the Continued Availability of Iclusig in Patients with L...
Print
Alert
Ariad (NASDAQ:ARIA)
Intraday Stock Chart
Today : Friday 22 November 2013
Recommendations made to minimize risk of occlusive vascular events
ARIAD Pharmaceuticals, Inc. (NASDAQ:ARIA) today announced adoption of a positive opinion by the Committee for Human Medicinal Products (CHMP) of the European Medicines Agency (EMA) on the continued availability of Iclusig® (ponatinib) in the EU for use in patients in its authorized indications. Following its review of updated clinical-trial data on Iclusig, the CHMP made a series of recommendations on measures to help minimize the risk of occlusive vascular events in patients taking Iclusig. The authorized indications of Iclusig, as approved in July 2013, are as follows:
• The treatment of adult patients with chronic phase, accelerated phase or blast phase chronic myeloid leukaemia (CML) who are resistant to dasatinib or nilotinib; who are intolerant to dasatinib or nilotinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation, or
• The treatment of adult patients with Philadelphia-chromosome positive acute lymphoblastic leukaemia (Ph+ ALL) who are resistant to dasatinib; who are intolerant to dasatinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation.
The EMA has recommended the following:
• Iclusig should not be used in patients with a history of heart attack or stroke, unless the potential benefits of treatment outweigh the risks.
• The cardiovascular status of patients should be assessed and cardiovascular risk factors actively managed before starting treatment with Iclusig. Cardiovascular status should continue to be monitored and optimised during treatment.
• Hypertension should be controlled during treatment with Iclusig, and healthcare professionals should consider interrupting treatment if hypertension is not controlled.
• Patients should be monitored for evidence of vascular occlusion or thromboembolism, and treatment should be interrupted immediately if this occurs.
The EMA plans to conduct a further review of the benefits and risks of Iclusig and may make additional recommendations on how Iclusig should be used.
“We have been working closely with the EMA to provide updated clinical-trial data on patients treated with Iclusig,” said Jonathan E. Dickinson, general manager, ARIAD Pharmaceuticals (Europe). “The conclusions reached by the CHMP, which were announced today, confirm a positive benefit-risk assessment for Iclusig after considering the most recent safety information. We expect that this will provide helpful guidance for patients and healthcare professionals as they consider the treatment options.”
The CHMP is a scientific committee composed of representatives from the 28-member states of the EU, and Iceland and Norway. The CHMP reviews medical product applications on their scientific and clinical merit and provides advice to the European Commission, which has the authority to approve medicines for the EU.
CML is a cancer of the white blood cells that is diagnosed in approximately 7,000 patients each year in Europe[1]. CML and Ph+ ALL patients treated with tyrosine kinase inhibitors (TKIs) can develop resistance or intolerance over time to these therapies. Iclusig is a targeted cancer medicine discovered and developed at ARIAD. It was designed by ARIAD scientists using ARIAD’s platform of computational chemistry and structure-based drug design to inhibit BCR-ABL, including drug-resistant mutants that arise during treatment. Iclusig is the only TKI that has been approved/received a marketing authorisation for an indication that includes CML and Ph+ ALL patients with the T315I mutation.
About CML and Ph+ ALL
CML is characterized by an excessive and unregulated production of white blood cells by the bone marrow due to a genetic abnormality that produces the BCR-ABL protein. After a chronic phase of production of too many white blood cells, CML typically evolves to the more aggressive phases referred to as accelerated phase and blast crisis. Ph+ ALL is a subtype of acute lymphoblastic leukaemia that carries the Ph+ chromosome that produces BCR-ABL. It has a more aggressive course than CML and is often treated with a combination of chemotherapy and tyrosine kinase inhibitors. The BCR-ABL protein is expressed in both of these diseases.
About ARIAD
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts and Lausanne, Switzerland, is an integrated global oncology company focused on transforming the lives of cancer patients with breakthrough medicines. ARIAD is working on new medicines to advance the treatment of various forms of chronic and acute leukemia, lung cancer and other difficult-to-treat cancers. ARIAD utilizes computational and structural approaches to design small-molecule drugs that overcome resistance to existing cancer medicines. For additional information, visit http://www.ariad.com or follow ARIAD on Twitter (@ARIADPharm).
This press release contains “forward-looking statements” including, but not limited to, updates on regulatory developments in Europe. Forward-looking statements are based on management's expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, a decision by the European Commission not to adopt the recommendation of the CHMP or to adopt the recommendation but with revisions affecting the Company’s ability to successfully launch, commercialize and generate profits from sales of Iclusig; the impact of the strengthened warnings recommended by the CHMP on sales of Iclusig; difficulties in commercializing Iclusig arising from the post-marketing approval review process or from its results; the emergence of other safety concerns based on additional adverse events in patients being treated with Iclusig and other risk factors detailed in the Company's public filings with the U.S. Securities and Exchange Commission. The information contained in this press release is believed to be current as of the date of original issue. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in the Company's expectations, except as required by law.
Well I think the data will be dated. That will tell the tale. Personally I hope they were honest and filed to sell with the SEC prior to any knoledge of a problem. Most of these Attorneys are Ambulance Chasers IMO.
It does make one wonder.
When did they know there was a problem?
http://finance.yahoo.com/q/it?s=ARIA+Insider+Transactions
CRME up 22% on data from open label study.
NASDAQ: CRME TSX: COM VANCOUVER, Sept. 23, 2013 /PRNewswire/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today announced publication of positive data from an open label study in patients with atrial fibrillation that compared treatment with vernakalant intravenous (IV) to oral propafenone and oral flecainide. Patients treated with vernakalant achieved conversion to normal sinus rhythm in a median time of 12 minutes compared to 151 minutes for the propafenone group and 162 minutes for the flecainide group (p<0.01). These results appeared in the current issue of the Journal of Atrial Fibrillation, a peer reviewed medical journal, and represents the first study to compare these three agents.
Quote: I can't believe this stock is still trading. Could be suspended any day now.
Unfortunately, isn't the SEC action against Dean only civil and not criminal?
ARIA Outperform rating. Posted by Sheff at another board.
http://www.streetinsider.com/Analyst+Comments/RBC+Reiterates+Outperform+Rating+on+Ariad+%28ARIA%29/8666874.html
RMTI having a nice run on news.
Rockwell Medical Inc. (RMTI) said results from a study of its investigational iron-delivery drug in chronic kidney disease patients receiving hemodialysis were positive.
Shares jumped 7.2% to $5.94 in recent premarket trading. Through Tuesday's close, the stock has risen 35% in the past three months.
The successful top-line results are from Rockwell's long-term CRUISE-2 Phase 3 efficacy study of the treatment, called SFP.
In the study, SFP met the primary endpoint, demonstrating a statistically significant mean change in hemoglobin from baseline to end-of-treatment. Additionally, Rockwell--a biopharmaceutical company targeting end-stage renal disease and chronic kidney disease--said SFP met key secondary endpoints, including maintenance of hemoglobin, maintenance of reticulocyte hemoglobin, and increase in serum iron pre-to-post treatment without an increase in ferritin.
It said the latest long-term study is the second and final study of two identical Phase 3 efficacy studies to provide clinical data required for the company to file a New Drug Application with the U.S. Food and Drug Administration.
"This second Phase 3 study produced identical results to the first in demonstrating statistical significance and meeting the primary efficacy endpoint," Chief Executive Rob Chioini said. "The data again shows that in place of IV iron, SFP appears safe and effective as an iron replacement therapy that consistently maintains hemoglobin levels without increasing iron stores."
Rockwell in July said results were positive from the first Phase 3 study of SFP.
Flash,What does the fka stand for? (fka IMGGQ)