SAC's Martoma Gets New Lawyer

Apr 5 2013 | 10:28am ET

Mathew Martoma, the former SAC Capital Advisors portfolio manager accused of insider-trading, has changed lawyers.

Martoma hired Richard Strassberg of Goodwin Procter to replace Charles Stillman, who had represented him since his arrest last year. It is unclear whether the switch indicates any change in Martoma's legal strategy; he has pleaded not guilty and refused entreaties to cooperate with prosecutors in building a case against SAC founder Steven Cohen.

While Stillman, at 75 one of New York's most prominent trial lawyers, runs a 14-lawyer boutique, Goodwin Procter is a global firm with more than 800 attorneys. But like Stillman, Strassberg, a former federal prosecutor, is a seasoned trial lawyer, having represented Martha Stewart's stockbroker, a former KPMG partner accused of tax fraud and Jon-Paul Rorech, the former Deutsche Bank trader who faced the Securities and Exchange Commission's first credit-default swap lawsuit.

"We wish Mathew Martoma all the best," Stillman said in a statement.

Martoma is accused of masterminding the "most lucrative" insider-trading scheme of all time, one that earned SAC $276 million. According to prosecutors, Martoma traded—and convinced Cohen to trade—on tips he received about Alzheimer's drug trials from a doctor overseeing those trials.

SAC is believed to have been paying Martoma's legal bills to this point; it is unclear whether the change in representation indicates a change in that arrangement.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note