Former SAC Portfolio Manager Mathew Martoma Convicted, But Steve Cohen Is Safe

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Mathew Martoma, a former portfolio manager with SAC Capital Advisors LP, arrives at federal court in New York, U.S., on Tuesday, Jan. 7, 2014. Martoma, whose trial begins today, won rulings limiting the evidence prosecutors can use to try to prove he made $276 million for SAC based on inside information from two doctors supervising a clinical drug trial.
Photo: Peter Foley/Bloomberg via Getty Images

Former SAC portfolio manager Mathew Martoma faces twenty years in prison after a jury on Thursday convicted him of insider trading. Martoma, you'll recall, befriended a doctor consulting for a pharmaceutical firm, and traded on that information to the tune of $276 million. But the conviction takes federal prosecutors no closer to the real prize: SAC founder Steve Cohen. Despite the hefty prison sentence his conviction might carry, Martoma refused to cooperate with investigators trying to nail Cohen for insider trading himself. So far, they've got very little to charge Cohen with, aside from being a bad boss.