Business Associations

Resource 8 . 5 . 4

3 minutes

United States v. Martoma

10/23/2025 pdw

Paul Weitzel

Dr. Gilman tested new drugs to see if they worked safely. Before the results were public, he tipped Martoma, a hedge fund manager, and Martoma traded on that info. The facts here are less important than the language clarifying the rules for personal benefit and providing examples to flesh out the language.

Court of Appeals for the Second Circuit

894 F.3d 64

Docket No. 14-3599; August Term, 2016

2017-08-23

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