On November 20, 2012, the SEC filed a civil complaint charging hedge fund manager CR Intrinsic Investors, LLC (CR Intrinsic); one of its former portfolio managers, Mathew Martoma; and a doctor and medical consultant, Dr. Sidney Gilman, with allegedly participating in an insider trading ring in which CR Intrinsic, Martoma and funds managed by an unnamed affiliated hedge fund manager (identified in the financial press as SAC Capital) profited or avoided losses totaling $276 million – a record alleged value derived from an insider trading scheme, according to the U.S. Attorney’s Office.  According to the SEC’s complaint, CR Intrinsic traded ahead of a negative announcement of the results of a Phase II trial of a drug designed to treat Alzheimer’s disease that was being jointly developed by Elan Corporation, Plc and Wyeth.  Martoma allegedly received material nonpublic information through consultations with Gilman that were coordinated by an expert network firm.  Federal prosecutors in the Southern District of New York simultaneously unsealed a criminal complaint charging Martoma with insider trading.  This article summarizes the SEC’s complaint, including the allegations, claims and relief sought by the SEC.  (The factual allegations in the criminal complaint are substantially similar to those in the civil complaint.)