In what is being called "the most lucrative insider trading scheme ever charged," federal prosecutors are filing a criminal case against Mathew Martoma, a former trader at a division of  SAC Capital.

Here's the press conference where the charges were described:

MOUNT CLEMENS, Mich. (AP) - A 77-year-old woman has been sentenced to five years of probation for taking money from a Detroit-area church and has been ordered to repay $50,000.

Helen Gvozdich was sentenced Tuesday in Macomb County Circuit Court in Mount Clemens, avoiding the possibility of up to two years behind bars. She earlier pleaded guilty to embezzlement in an agreement with prosecutors. Court records say a judge also ordered her to perform community service.

Her lawyer has said she devoted decades to serving the church and was the victim of an unfortunate series of events.

Authorities originally said that in 2008-2009 Gvozdich stole about $79,000 from St. Stevan Decanski Serbian Orthodox Church in Warren. Prosecutors say church officials agreed to accept $50,000 repayment if she pleaded guilty.

An 'emergency request' has been filed today with the Michigan Supreme Court asking that Detroit Public Schools emergency financial manager Roy Roberts be removed from office.

Highland Park School Board member and union activist Robert Davis argues that the law supporting Roberts' position is no longer valid.

It's an argument the Michigan Court of Appeals disagreed on last week.

So now it's on to the Michigan Supreme Court.

More from the Detroit Free Press:

The Michigan Court of Appeals ruled that the U.S. Supreme Court decision striking down mandatory life sentences for juveniles convicted of murder does not apply retroactively.

The case involved a resentencing request for Raymond Carp. In 2006, Carp was convicted of first-degree murder as a 16-year old.

Jonathan Oosting of MLive has more: