Judge Says No To Extra Time For Martoma Lawyer

Nov 20 2013 | 2:18pm ET

There will be no further delay in the trial of former SAC Capital Management portfolio manager Mathew Martoma.

U.S. District Judge Paul Gardephe, who in September postponed the trial until Jan. 6, has denied a defense request for a further two-week delay. Martoma's lawyers sought the extra time last week, after prosecutors turned over more than 110,000 pages of new documents discovered on SAC backup tapes.

Gardephe did not give a reason for his refusal.

Martoma's lawyer, Richard Strassberg, said that the evidence from "newly discovered" backup tapes from 2007 and 2008 "appear directly relevant to specific allegations made against Mr. Martoma," who is accused of earning or saving SAC $276 million trading on confidential information about pharmaceutical trials.

"The documents—which were restored from newly discovered SAC backup tapes created in 2007 and 2008—consist primarily of e-mails sent to or received from Mr. Martoma's analyst, Mr. Martoma's trader, and SAC healthcare portfolio managers," Strassberg added.

Martoma's trial was set to begin on Nov. 4, but Gardephe acceded to the request for a delay due to Strassberg's participation in the Bank of America mortgage-fraud trial.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Maglan Capital: Some Lessons Learned From Puerto Rico

Jul 13 2017 | 8:00pm ET

Although Maglan Capital has not been invested in Puerto Rico for more than three...

 

From the current issue of