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

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Nicky Hilton To Wed James Rothschild

Aug 20 2014 | 5:23am ET

When it comes to husband-material, socialite Nicky Hilton is sticking with finance...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note