Sunday, 1 February 2015
Last updated 2 days ago
May 15 2013 | 1:49pm ET
Prosecutors will reveal the identities of former SAC Capital Advisors portfolio manager Mathew Martoma's alleged co-conspirators by the end of July.
The government said it would disclose the names to Martoma's lawyers by July 31—and would give the defense at least 30 days before Martoma's trial begins the names of any alleged co-conspirators it uncovers by then.
Martoma is accused of earning SAC some $276 million trading on confidential information about Alzheimer's drug trials. To date, the only co-conspirator identified has been Sidney Gilman, the medical professor who admitted to providing Martoma with the tips about the trials.
It is unclear whether SAC founder Steven Cohen will be named a co-conspirator. He is not identified by name in either the criminal complaint or the Securities and Exchange Commission lawsuit against Martoma, although he is referred to as SAC's "owner" and "Portfolio Manager A." Both complaints allege that Martoma shared his tips with Cohen, but do not say whether he indicated the source of the information to the billionaire. Prosecutors have reportedly sought Martoma's cooperation in building a case against Cohen, cooperation which has not been forthcoming.
The only other person who has been linked to the case against Martoma is Phillipp Villhauer, who is identified as SAC's "head trader" or "senior trader." Neither Cohen nor Villhauer have been accused of any wrongdoing.
Prosecutors, in a Monday court filing, also said they have provided "ample notice of the charges" and "more than enough information" to Martoma's defense team. The government has asked the judge to reject Martoma's request for a bill of particulars.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…