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SAC's Martoma fails to overturn U.S. insider trading conviction
Source: Reuters
#SUPREME COURT AUGUST 23, 2017 / 10:11 AM / AN HOUR AGO
SAC's Martoma fails to overturn U.S. insider trading conviction
Reuters Staff
2 MIN READ
NEW YORK (Reuters) - A divided federal appeals court on Wednesday upheld the 2014 conviction of former SAC Capital Advisors LP portfolio manager Mathew Martoma for insider trading, after the U.S. Supreme Court made such cases easier to pursue.
In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan rejected Martoma's argument that the jury instructions were defective, and said prosecutors presented "overwhelming" evidence that at least one tipper received a financial benefit from giving Martoma confidential information.
Martoma, 43, who worked at SAC's CR Intrinsic Investors unit, was convicted of receiving confidential tips from a Michigan doctor in 2008 about an Alzheimer's drug trial, and netting $275 million of illegal gains from subsequent trades. He is serving a nine-year prison sentence.
Paul Clement, who argued Martoma's appeal, was not immediately available for comment. A spokeswoman for Joon Kim, the acting U.S. Attorney in Manhattan, had no immediate comment.
-snip-
SAC's Martoma fails to overturn U.S. insider trading conviction
Reuters Staff
2 MIN READ
NEW YORK (Reuters) - A divided federal appeals court on Wednesday upheld the 2014 conviction of former SAC Capital Advisors LP portfolio manager Mathew Martoma for insider trading, after the U.S. Supreme Court made such cases easier to pursue.
In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan rejected Martoma's argument that the jury instructions were defective, and said prosecutors presented "overwhelming" evidence that at least one tipper received a financial benefit from giving Martoma confidential information.
Martoma, 43, who worked at SAC's CR Intrinsic Investors unit, was convicted of receiving confidential tips from a Michigan doctor in 2008 about an Alzheimer's drug trial, and netting $275 million of illegal gains from subsequent trades. He is serving a nine-year prison sentence.
Paul Clement, who argued Martoma's appeal, was not immediately available for comment. A spokeswoman for Joon Kim, the acting U.S. Attorney in Manhattan, had no immediate comment.
-snip-
Read more: http://www.reuters.com/article/us-sac-insidertrading-martoma-idUSKCN1B31OQ
