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The Boston Globe

Business

Defendant in $250m fraud case free on bail

Bail set at $5m for ex-manager at hedge fund

NEW YORK — A former hedge fund portfolio manager accused of enabling a quarter of a billion dollars in profits by passing along inside information in one of the largest insider trading fraud cases in history appeared in a Manhattan court for the first time Monday and was released on $5 million bail, though his movements were restricted.

Mathew Martoma, 38, of Boca Raton, Fla., was read his rights by US Magistrate Judge James Cott, who agreed to impose a bail package that prosecutors and Martoma’s lawyers had worked out after his initial court appearance in Florida last week. He had been free on $5 million bail in Florida as well. Martoma must post $2 million in cash or property by next week to satisfy the new bail requirements, which will limit his travel to New York, New Jersey, Florida, and Massachusetts.

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