Wednesday, 23 July 2014
Last updated 8 hours ago
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.
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…