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Wednesday July 23, 2014
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The Corruption of Sid Gilman

 

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Wayne State University law professor Peter Henning, who writes the "White Collar Watch" blog on the New York Times website, says Gilman may have joined Gerson Lehrman naively unaware of the ethical traps in expert networks, only to be blinded by the glare of Wall Street and flattered by the attention. He may have found the high-powered trader's world "new and pretty exciting ... People like Martoma are full of energy and expertise.

"I don't believe he thought through the consequences of his actions, what a black mark they would leave on his career," Henning says. "I mean, this is going to be what's in the first paragraph of his obituary."

Henning says Gilman probably had no idea of the huge amount of money that could be made off his tips to Martoma, and "at one point he looked at the man in the mirror and convinced himself he wasn't doing anything all that wrong"--and assented to the seduction.

The two men first met in New York in October 2006. Martoma, in his early thirties, and Gilman, in his seventies, became well acquainted over the next two years. According to the feds, "Gilman developed a personal relationship with Martoma, eventually coming to view Martoma as a friend and pupil."

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