Judge Says No To Extra Time For Martoma Lawyer

Nov 20 2013 | 1:18pm 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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...