Tuesday, 31 May 2016
Last updated 3 days ago
Mar 25 2014 | 10:17am ET
Former SAC Capital Advisors trader Mathew Martoma should not get another opportunity to demonstrate his innocence, prosecutors argued yesterday.
Martoma was convicted of insider-trading last month and will be sentenced in June. But his lawyers have asked the judge presiding to either throw out the guilty verdict or order a new trial. But prosecutors insisted that “the evidence at trial overwhelmingly established that Martoma received material, non-public information,” and should get neither.
Martoma was found guilty of trading on confidential information about Alzheimer’s drug trials, earning or saving SAC $276 million in 2008.
The 39-year-old is likely to face between seven and 10 years in prison at sentencing.