Prosecutors: No New Trial For Martoma

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.

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