Arrested NRI hedge fund manage out on bail

November 27, 2012 15:28
Arrested NRI hedge fund manage out on bail

An NRI, who was arrested for allegedly indulging in insider trading schemes, was on Monday released on bail of five million dollar. The Federal Manhattan Court granted him bail. Thirty-eight-year-old Mathew Martome was busted last week at his residence in Florida. He was charged with using material, non -public information, that he received from a doctor to make profits for his hedge fund. In all, he allegedly made a profit of 276 million dollars.

By next week, Mathew is required to produce two million dollars in cash or properties before the court as per the new bail requirements. Even US Securities and Exchange Commission slapped a civil insider trading case against him. Mathew Martome was son of Indian immigrants. He was christened as Ajai Mathew by his parents and he later changed him name.

(AW Phani)

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