Sunday, 1 March 2015
Last updated 1 day 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…