Today, a federal jury found Matthew Martoma guilty of a $275+ million insider trading, scheme, making this U.S. Attorney Preet Bharara's 79th insider trading conviction or guilty plea.

Martoma had worked at SAC Capital Advisors LP, the hedge fund owned by Steve Cohen. According to the Wall Street Journal, he was accused of "what prosecutors say was one of the largest insider-trading schemes ever—illegal trades on two pharmaceutical companies that helped SAC and its traders book profits and avoid losses worth a total of $276 million."

Also, "Mr. Martoma looked downcast as the jury read the verdict, while his wife's eyes welled up with tears," the WSJ reports. "She began crying as he escorted her out of the courtroom, his arm around her shoulder." Martoma is 39 and has three children; he faces 7 to ten years in prison."

Bharara said, "As the jury unanimously found, Mathew Martoma cultivated and purchased the confidence of doctors with secret knowledge of an experimental Alzheimer's drug, and used it to engage in illegal insider trading. Martoma bought the answer sheet before the exam - more than once - netting a quarter billion dollars in profits and losses avoided for SAC, as well as a $9 million bonus for him. In the short run, cheating may have been profitable for Martoma, but in the end, it made him a convicted felon, and likely will result in the forfeiture of his illegal windfall and the loss of his liberty."

Earlier, Martoma declined a plea deal, in exchange for cooperating with the government and took his chances with a trial.

SAC Capital just agreed to a deal with Bharara's office, which results in the firm paying a $1.8 billion penalty for wire fraud and securities fraud. Bharara said, "The agreement provides no immunity from prosecution for any individual and does not restrict the government from charging any individual for any criminal offense and seeking the maximum term of imprisonment applicable to any such violation of criminal law."

The NY Times points out, "Mr. Martoma is the eighth person who once worked for Mr. Cohen to either be convicted at trial or plead guilty to insider trading, a dubious record of achievement that led prosecutors to call SAC a 'veritable magnet for market cheaters' when they indicted the hedge fund, which at one time managed $14 billion, on securities fraud charges last July."

Martoma's lawyer says they plan to appeal.