Tuesday, 21 October 2014
Last updated 21 min ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...