Thursday, 24 July 2014
Last updated 51 min ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…