Sidney Gilman

Court upholds insider trading conviction of money manager

The conviction of an Ivy League-educated ex-portfolio manager accused of engineering the most lucrative insider trading scheme of all time while working for billionaire Steven A. Cohen was upheld Wednesday by a divided federal appeals court.

The 2nd U.S. Circuit Court of Appeals voted 2-to-1 to let stand the 2014 conviction of Mathew Martoma. Prosecutors say the 43-year-old Boca Raton, Florida, resident earned over a quarter-billion dollars illegally by cozying up to a University of Michigan Medical School professor with access as one of the world's top Alzheimer's experts to the secret results of pioneering drug tests.

In a majority opinion written by Chief Judge Robert...