Legal News

Judge Sets SAC’s Martoma Trial for Inside Trading to November 4
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Mathew Martoma is the first of nine employees of Steve Cohen’s hedge fund to face charges of insider trading. This Wednesday, a federal judge set his trial for November 4, when he will face a criminal trial for these charges. The former portfolio manager is charged with conspiracy and securities fraud, which he pleaded not guilty to in January. The charge specifically concerns his aid of CR Intrinsic Investors, an SAC fund: he used a doctor’s tips about a poor drug trial to recommend they sell Elan Corp and Wyeth shares, thus avoiding $276 million in losses in 2006, as reported by Reuters.

Martoma’s team wants more time, saying the prosecutors are providing only “vague” connections between him and the conspiracy of 2006, but  U.S. District Judge Paul Gardephe disagrees with such a necessity, saying, “I don’t view this as a particularly complicated case.”

  
What
Where


He was, nevertheless, open to hearing if Martoma’s defense faced “insurmountable difficulties” in preparing the defense. “I’m not closing the door to a later trial date,” said the judge.

Martoma’s lawyer Richard Strassberg had wanted the trial to start as late as February, and this because he says the government may add charges against Martoma in July, which would also need to be prepared for.

SAC fund manager Michel Steinberg, meanwhile, also faces trial in November, on the 18th.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Personal Injury Attorney with 3+ Years of Experience

USA-CA-Sherman Oaks

Sherman Oaks office of our client is seeking a personal injury attorney with 3+ years of CA experien...

Apply Now

Senior Trust and Estate Attorney/ Of Counsel

USA-CA-San Diego

San Diego office is seeking a trust and estate attorney at either the senior associate or of counsel...

Apply Now

Mid-level Litigation Securities Associate Attorney

USA-NY-New York City

New York City office of an AmLaw firm seeks Mid-level Litigation Securities Associate Attorney with ...

Apply Now

RELEVANT JOBS

Legal Secretary / Assistant / Office Manager

USA-CA-Sunnyvale

Seeking a long-term candidate for a part-time Receptionist / Legal Secretarial / Assistant position ...

Apply now

Legal Assistant

USA-OR-Portland

We are a small but busy law firm located in Downtown Portland and are looking for a full-time Legal ...

Apply now

Attorney at Law - Criminal Defense

USA-OH-Ravenna

Well-established Portage County law firm based in Ravenna, Ohio has an immediate opening for a full-...

Apply now

Surety Counsel

USA-DC-Washington

Summary Reporting to SFAA’s General Counsel, the Surety Counsel supports the Association...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top