Martoma Trial Pushed Back To January

Sep 25 2013 | 12:15pm ET

Former SAC Capital Management portfolio manager Mathew Martoma won't face a jury until next year, a judge has ruled.

U.S. District Judge Paul Gardephe postponed Martoma's trial on insider-trading charges until Jan. 6. The delay was requested by Martoma's lawyer, Richard Strassberg, who is part of the team defending Bank of America against federal mortgage-fraud allegations. That trial began this week.

Martoma is accused of trading on confidential information about pharmaceutical trials, earning or saving SAC some $276 million. His trial was scheduled to start on Nov. 4.

As if to emphasize the need for a delay, Strassberg arrived to the hearing an hour late, out of breath. When Gardephe took the bench, Strassberg said that the judge in the BofA case had ordered him to return just a half-hour later.

Strassberg told Gardephe, "I personally appreciate this," and then asked the judge to push the trial back by a further week, a request that was not opposed by prosecutors. Gardephe said he'd consider it if his schedule allowed.

"I have my own trial calendar," Gardephe said.

The judge also froze Martoma's Boca Raton, Fla., home and more than $4 million in accounts held by himself and his wife. Prosecutors said they'd go after the assets if Martoma were convicted.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...