Tuesday, 28 June 2016
Last updated 3 hours ago
Jun 6 2014 | 9:24am ET
Former SAC Capital Advisors trader Mathew Martoma won’t learn his fate next week, after his lawyers won a delay in his sentencing for insider trading.
Martoma’s defense team asked for the postponement of Tuesday’s hearing, citing a probation department report that calls for Martoma to receive at least 15 years, eight months in prison, a levy that would be the longest sentence for insider trading in history. Martoma’s lawyers asked that the sentencing be delayed until at least next month; prosecutors, who did not oppose the move, want it rescheduled for later this month.
It is unclear how Martoma’s legal team plans to use their extra time. Last month, it called the probation department report, which suggests a sentence of as much as 19 years and seven months, “outrageous,” and noted that while Martoma’s trading in two pharmaceutical shares was called by prosecutors the largest insider-trading scam in history, his crimes are “far narrower in many important respects than the unlawful trading in nearly all other recent cases.”
Richard Strassberg, Martoma’s lead lawyer, suggested a sentence of between two and three years would be more appropriate. The longest insider-trading sentence to date has been 12 years.