Tuesday, 9 February 2016
Last updated 1 hour 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.