Ex-SAC Capital hedge-fund manager Martoma pleads not guilty to insider-trading charges

A former hedge fund portfolio manager has pleaded not guilty to insider trading charges after authorities said he persuaded a medical professor to leak secret data from an Alzheimer's disease drug trial.

Mathew Martoma appeared Thursday in federal court in Manhattan. He remains free on bail.

Martoma is charged with engineering a record-setting inside trade scheme that earned more than a quarter-billion dollars in illegal profits.

He was arrested in November at his $2 million Palm Beach County, Fla., home on securities fraud and conspiracy charges.

He is a former portfolio manager at an affiliate of the Stamford, Conn.-based firm owned by Steven A. Cohen.




REUTERS



Mathew Martoma in November



Martoma is the fourth person associated with SAC Capital to be arrested on insider trading charges in the past four years.

Read More..

UM medical school names new COO




















Amid roiling faculty anger, the University of Miami announced the number two executive at the Miller School of Medicine, Jack Lord, is “stepping down,” to be replaced temporarily by Joe Natoli, UM’s chief financial officer.

The change, announced by Dean Pascal Goldschmidt, comes as a petition circulates among tenured medical school faculty expressing no confidence in both Goldschmit and Lord.

Goldschmidt said in a letter to faculty, obtained by The Herald late Wednesday that he extended his “deepest gratitude” to Lord for his leadership in helping to restructure the medical school’s finances, which showed a surplus of about $9 million for the first six months of this fiscal year -- compared to a $24 million loss for the first six months of the previous fiscal year.





Lord, a physician who had been chief innovation officer at Humana, became the medical school’s chief operating officer last March. He was deeply involved in a series of drastic changes, including laying off about 900 full-time and part-time employees in the spring.

Many faculty members, who had spent decades at the medical school without seeing mass layoffs, were angry that the cuts were made without consulting them. A report by a faculty senate committee said medical school professors described the layoffs as “unprofessional,” “graceless” and “”heartless.”

The report said faculty “fear is widespread within the school. They cited instances in which someone suffered retribution for criticizing the school’s administration. ... Faculty with alternatives are leaving.”

UM did not immediately respond to a request for comment Thursday. Last May, President Donna Shalala, a veteran administrator at several universities, said tradition-bound faculty often complained when tough changes needed to be made.

Associate Professor Sam Terilli, head of the committee that wrote the interim report in late August, said last week a follow-up report is being prepared, but said it was too soon to offer details of what it would say.

Meanwhile, several anonymous sources have sent The Herald a copy of a petition being circulated among school faculty members who “wish to express, in the strongest possible terms, the concern we feel for the future for our school of medicine.” The petition blamed “the failed leadership of Pascal Goldschmidt and Jack Lord. ... We want to make clear that the faculty has lost confidence in the ability of these men to lead the school.”

The petition states: “Under the current leadership, there has been a major shift in the mission of the schools that we feel jeopardizes our educational, clinical and research enterprises. The deterioration of the relationship with Jackson Memorial Hospital fundamentally threatens both our graduate and undergraduate medical education programs without which the school of medicine cannot exist.”

A half-dozen persons closely connected to the medical school who requested anonymity told The Herald that they’ve heard that between 400 and 600 of the school’s 1,200 faculty have added their names to individual copies of the petition.

The petitions are addressed to the chair of the faculty senate, Richard L. Williamson, a law professor. Williamson said last week he would not comment on how many had signed the petition because it was “an internal matter” and may never become public. He said that the number of those who know how many have signed is “extremely small and none of them will talk.”





Read More..

Naked man arrested after choking family dog




















A barking dog woke a homeowner out of his early morning sleep Wednesday. When he grabbed his gun and went to check, he found a naked man choking the family pet.

When the victim tried to intercede, the culprit quickly turned around and began biting the man, according to Miami Police.

Fearing for his life, the victim shot the man, while family members called police.





The culprit continued to fight with officers who arrived on the scene.

The subject finally was taken into custody and transported to Jackson Memorial Hospital’s Ryder Trauma Center to be treated for a gunshot wound.

The victim was treated for his injuries.

Police charged the man, who refused to give his name, with burglary with an assault, resisting arrest with violence, lewd and lascivious behavior and animal cruelty.





Read More..

New Year's Resolutions 2013, 5 Celebrity Diet Tips

Every new year a multitude of resolutions are made to eat right and get back into shape -- and to help those people along with their 2013 resolves, here are five helpful diet tips from a few health-conscious celebrities.

5. Kelly Osbourne lost over 40 pounds and said what helped her was to "eat half an apple before bedtime." She told Life&Style in 2010, "They say you should never eat before you go to bed, but I've found just having a tiny little snack really helps."

4. Megan Fox says she lost her baby weight without working out by simply cutting out dairy from her diet. "I try to eat whatever I want, but I don't eat any dairy, and I guess that's the biggest diet tip," she told Us Weekly. "Try and stay away from dairy -- especially if you're a woman! It's really hard on your hormones."

3. Pamela Anderson's diet tip is to brush your teeth earlier in the evening so you eat less food before bed.


RELATED: Celebrity New Year's Resolutions

2. Khloe Kardashian suggests a weight-loss buddy like her sister Kim Kardashian. "Just having someone's encouragement makes it so much easier," she told Life&Style.


RELATED: How the Stars Rang in 2013

1. Victoria Beckham is among a slew of starlets to adopt the three-bite rule. This is where you only indulge in three bites of something decadent.


Do you have any healthy tips to share? Let us know, below.

Read More..

Open house being held for Sandy Hook students ahead of Thursday's return to class








A school bus passes angel paintings seen along the route to the Chalk Hill School Wednesday where the Sandy Hook Elementary School children will begin to attend classes in Monroe.

REUTERS

A school bus passes angel paintings seen along the route to the Chalk Hill School Wednesday where the Sandy Hook Elementary School children will begin to attend classes in Monroe.



MONROE, Conn. — The children who escaped last month's shooting at Sandy Hook Elementary School in Newtown were welcomed Wednesday to a school in a neighboring town that was overhauled specially for them.

The open house at the former Chalk Hill School in Monroe marks the students' first time in a formal classroom setting since the massacre on Dec. 14, when a gunman killed 20 of their fellow classmates and six educators. Classes are starting for the Sandy Hook students on Thursday.




The road leading to the school in a rural, largely residential neighborhood was lined with signs greeting the students, saying "Welcome Sandy Hook Elementary School" and "Welcome. You are in our prayers." Several police cars were parked outside the school.

Teams of workers, many of them volunteers, prepared the former Chalk Hill middle school with fresh paint and new furniture and even raised bathroom floors so the smaller elementary school students can reach the toilets. The students' desks, backpacks and other belongings that were left behind following the shooting were taken to the new school to make them feel at home.

Counselors say it's important for children to get back to a normal routine and for teachers and parents to offer sensitive reassurances.

When classes start on Thursday, schools Superintendent Janet Robinson said teachers will try to make it as normal a school day as possible for the children.

"We want to get back to teaching and learning," she said. "We will obviously take time out from the academics for any conversations that need to take place, and there will be a lot of support there. All in all, we want the kids to reconnect with their friends and classroom teachers, and I think that's going to be the healthiest thing."










Read More..

World markets rally after U.S. ‘fiscal cliff’ deal




















The world’s financial markets breathed a huge sigh of relief Wednesday that U.S. lawmakers agreed on a budget deal that will stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world’s biggest economy into recession.

Stocks around the world started 2013 with hefty gains as investors welcomed the vote in the House of Representatives that made sure that the U.S. does not go over the so-called “fiscal cliff.” Though longer-term fiscal problems remain and President Barack Obama will likely face more battles with the Republican-dominated House, investors were relieved that the biggest near-term stumbling block to the world economy has been cleared.

“Investors are trading with a sense of relief after lawmakers in Washington agreed on a compromise to avoid the fiscal cliff that has been the dominant theme in equity markets since the presidential elections back in November,” said Mike McCudden, head of derivatives at stockbroker Interactive Investor.





In Europe, the FTSE 100 index of leading British shares jumped 2.2 percent to 6,028, its first foray above the 6,000 mark since July 2011. The CAC-40 in France rose 2.4 percent to 3,729 while Germany’s DAX was up 2.3 percent at 7,786.

Earlier, in Asia, Hong Kong’s Hang Seng index shot up 2.9 percent to close at 23,311.89, its highest finish since June 1, 2011. Australia’s S&P/ASX 200 surged 1.2 percent to close at 4,705.90, its best finish in 19 months while South Korea’s Kospi jumped 1.7 percent to 2,031.10.

Wall Street was likewise set to rally on the open – Dow futures were up 1.3 percent at 13,195 while the broader S&P 500 futures jumped 1.5 percent to 1,441.

The “fiscal cliff” deal is likely to remain the focus of attention in financial markets over the rest of the day.

The bill that Congress approved calls for higher taxes on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. It also delays for two months $109 billion worth of across-the-board spending cuts that had been set to start affecting the Pentagon and domestic agencies this week.

If lawmakers had not agreed by the Jan. 1, 2013 deadline on the new budget measures, more than $500 billion in tax increases would have hit the economy in 2013 alone. Government spending worth $109 billion would have been cut from the military and domestic spending programs.

Though fears over an imminent fall off the “fiscal cliff” have eased, investors still have a host of issues to worry about – not least the prospect of more debates over unresolved longer-term U.S. budget issues.

“Cynics will point out that another argument has been booked in for two months’ time, when the debt ceiling comes up for debate, and Republicans will be looking to make progress on the spending cuts that haven’t been featured in the New Year deal,” said Chris Beauchamp, market analyst at IG.

Investors will also keep a close watch on any response from the credit rating agencies. After a fight in Congress to raise the debt limit in 2011, Standard & Poor’s lowered the U.S. government’s AAA bond rating, citing the lack of a credible plan to reduce the federal government’s debt. It also voiced its concerns about the “effectiveness, stability and predictability of American policymaking.”





Read More..

Peeping tom suspect nabbed at Forever21 store at Sawgrass Mills mall




















A suspected “peeping tom” was arrested Sunday after he was caught with video of women trying on clothes at the Forever21 store at the Sawgrass Mills mall.

Andre Clements, 30, has been charged with video voyeurism and disorderly conduct, Sunrise police said.

A manager at the store became suspicious when Clements, 30, was caught loitering in the dressing rooms. Customers also complained about Clements.





The manager alerted mall security, who called Sunrise police. When police arrived, the manager found several large slits in the curtain which separated the fitting room Clements was in and the adjoining fitting room.

In Clements possession police found a Sony camcorder with videos of young women changing clothes.

Clements admitted taping the women just before police had arrived.





Read More..

Kim K. Exclusive: Pregnancy is Hard

Entertainment Tonight's Christina McLarty was the first to catch up with Kim Kardashian in Las Vegas at her first appearance since her boyfriend, rap star Kanye West, announced that they are expecting a child together.


Pics: Kim's Pre-Pregnancy Style 

Kardashian tells ET that pregnancy is harder than she imagined and the changes to her body are difficult. She also tells McLarty that she is taking a lot of naps.

"I wouldn't say it's been easy," she said. "When people say that pregnancy is fun and they love it I would have to disagree. ... Even my sister has made it look easy, but it's not as easy as people think. ... I heard it's all worth it so I'm looking forward to that."


Related: Kardashians and Friends Tweet Congrats for Pregnancy

Kardashian hosted a New Year’s Eve event at 1OAK Nightclub at The Mirage.

Read More..

Sandy Hook students head back to school Thursday








NEWTOWN, Conn. — Since escaping a gunman's rampage at their elementary school, the 8-year-old Connors triplets have suffered nightmares, jumped at noises and clung to their parents a little more than usual.

Now parents like David Connors are bracing to send their children back to school, nearly three weeks after the shooting rampage at Sandy Hook Elementary School in Newtown. It won't be easy — for the parents or the children, who heard the gunshots that killed 20 of their classmates and six educators.

"I'm nervous about it," Connors said. "It's unchartered waters for us. I know it's going to be difficult."





Douglas Healey



Neighbors of the Chalk School in Monroe, Conn. display a welcome sign across from the school where Sandy Hook Elementary School students will start school on Thursday.





Classes are starting Thursday at a repurposed school in the neighboring town of Monroe, where the students' desks have been taken along with backpacks and other belongings that were left behind in the chaos following the shooting on Dec. 14. Families have been coming in to see the new school, and an open house is scheduled for Wednesday.

An army of workers has been getting the school ready, painting, moving furniture and even raising the floors in the bathrooms of the former middle school so the smaller elementary school students can reach the toilets.

Connors, a 40-year-old engineer, felt reassured after recently visiting the new setup at the former Chalk Hill school in Monroe. He said his children were excited to see their backpacks and coats, and that the family was greeted by a police officer at the door and grief counselors in the hallways.

Teachers will try to make it as normal a school day as possible for the children, schools Superintendent Janet Robinson said.

"We want to get back to teaching and learning," she said. "We will obviously take time out from the academics for any conversations that need to take place, and there will be a lot of support there. All in all, we want the kids to reconnect with their friends and classroom teachers, and I think that's going to be the healthiest thing."

Teachers are returning as well, and some have already been working on their classrooms. At some point, all those will be honored, but officials are still working out how and when to do so, Robinson said.

"Everyone was part and parcel of getting as many kids out of there safely as they could," she said. "Almost everybody did something to save kids. One art teacher locked her kids in the kiln room, and I got a message from her on my cellphone saying she wouldn't come out until she saw a police badge."

After the evacuation, teachers grouped their children at a nearby fire station, Robinson said. One sang songs, while others read to the students, she said.

Julian Ford, a clinical psychologist at the University of Connecticut who helped counsel families in the days immediately following the shooting, recommended addressing it as questions come up but otherwise focusing on regular school work.

"Kids just spontaneously make associations and will start talking about something that reminds them of someone, or that reminds them of some of the scary parts of the experience," Ford said. "They don't need a lot of words; they need a few selective words that are thoughtful and sensitive, like, 'We're going to be OK,' and 'We really miss this person, but we'll always be able to think about her or him in ways that are really nice.'"

It will be important for parents and teachers to listen and be observant, Ford said.

"Each of the boys and girls are going to have different reactions to different aspects of the environment, different little things that will be reminders to them," he said.

Parents might have a harder time with fear than children, Ford said.

Before the shooting, a baby sitter would take Connors' children to the bus stop. But Connors said he'll probably take the third-graders to the bus the first few days.

"I think that they need to get back into a normal routine as quickly as possible," Connors said. "If you're hovering over them at all times, it almost intensifies the fear for them."

His children, who escaped unharmed, ask questions about the gunman.

"It's hard for us to say why," Connors said. "That's kind of what we tell them. This person wasn't well, was sick and didn't get the help he needed."

Connors said his children are excited to go back to school but predicted they might be nervous as the first day approaches. He hopes the grief counseling services continue, he said.

"It's going to be a long road back," Connors said. "Back to what I guess is the biggest question. Everyone keeps throwing that word around the new normal. What does the new normal look like? I think everybody kind of has to define that for themselves."










Read More..

Housing, jobs key to lifting S&P toward record




















With it appearing that Washington lawmakers are working their way past the “fiscal cliff,” many analysts say that the outlook for stocks in 2013 is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery.

Reasonable returns in 2013 would send the S&P 500 toward, and possibly past, its record close of 1,565 reached in October 2007.

A mid-year rally in 2012 pushed stocks to their highest in more than four years. Both the Standard & Poor’s 500 and the Dow Jones industrial average posted strong gains in 2012. Those advances came despite uncertainty about the outcome of the presidential election and bouts of turmoil from Europe, where policy makers finally appear to be getting a grip on the region’s debt crisis.





“As you remove little bits of uncertainty, investors can then once again return to focusing on the fundamentals,” says Joseph Tanious, a global market strategist at J.P. Morgan Funds. “Corporate America is actually doing quite well.”

Although earnings growth of S&P 500 listed companies dipped as low as 0.8 percent in the summer, analysts are predicting that it will rebound to average 9.5 percent for 2013, according to data from S&P Capital IQ. Companies have also been hoarding cash. The amount of cash and cash-equivalents being held by companies listed in the S&P 500 climbed to an all-time high $1 trillion at the end of September, 65 percent more than five years ago, according to S&P Dow Jones Indices.

Assuming a budget deal is reached in a reasonable amount of time, investors will be more comfortable owning stocks in 2013, allowing valuations to rise, says Tanious.

Stocks in the S&P 500 index are currently trading on a price-to-earnings multiple of about 13.5, compared with the average of 17.9 since 1988, according to S&P Capital IQ data. The ratio rises when investors are willing to pay more for a stock’s future earnings potential.

The stock market will also likely face less drag from the European debt crisis this year, said Steven Bulko, the chief investment officer at Lombard Odier Investment Managers. While policy makers in Europe have yet to come up with a comprehensive solution to the region’s woes, they appear to have a better handle on the region’s problems than they have for quite some time.

Stocks fell in the second quarter of 2012 as investors fretted that the euro region’s government debt crisis was about to engulf Spain and possibly Italy, increasing the chances of a dramatic slowdown in global economic growth.

“There is still some heavy lifting that needs to be done in Europe,” said Bulko. Now, though, “we are dealing with much more manageable risk than we have had in the past few years.”

Next year may also see an increase in mergers and acquisitions as companies seeks to make use of the cash on their balance sheets, says Jarred Kessler, global head of equities at broker Cantor Fitzgerald.

While the number of M&A deals has gradually crept higher in the past four years, the dollar value of the deals remains well short of the total reached five years ago. U.S. targeted acquisitions totaled $964 billion through Dec. 27, according to data tracking firm Dealogic. That’s slightly down from last year’s total of $1 trillion and about 40 percent lower than in 2007, when deals worth $1.6 trillion were struck.





Read More..