Friday, 28 October 2016
Last updated 17 hours ago
Mar 6 2013 | 10:31am ET
Former SAC Capital Advisors trader Mathew Martoma's legal team won a delay in the case to sift through the mountain of evidence produced by the government.
Martoma's lawyer, Charles Stillman, said that he's gotten 4 million pages of documents, including 17,000 in the last few days. He showed a folder, about six inches thick. which he said contained Martoma's e-mails from a single day.
"I'm not looking to delay the case but I'm saying that there is a lot to be done here," Stillman said. "The case was announced as the biggest insider-trading case in history. If it is the biggest case, I want to be able to defend it."
U.S. District Judge Paul Gardephe granted the request, setting a June 5 hearing date, at which he said he'd probably set a trial date.
"If I though we were talking about a mere two weeks of conduct, I'd be very reluctant to put the case off," Gardephe said. "But the facts in the indictment present a conspiracy between 2006 and 2008 and 42 consultations. We're talking a significant time period. In light of that, I'm going to give Mr. Stillman the 90 days he requested."
For their part, prosecutors said they were still trying to produce evidence and suggested that the trial would last three to four weeks.
Martoma was indicted in December, accused of running the largest insider-trading scheme in history, earning SAC $276 million trading on confidential information about Alzheimer's drug trials. The doctor who allegedly provided those tips is cooperating with the government.
The authorities have repeatedly sought to win Martoma's cooperation, to no avail. Prosecutors and investigators are thought to want his help in building a case against SAC founder Steven Cohen.