Ex-SAC Manager Martoma Faces November 4 Insider-Trading Trial

Gavel

Former SAC Capital Advisors portfolio manager Mathew Martoma is scheduled to go on trial November 4 on charges he helped the hedge fund founded by Steven A. Cohen make $276m using illegal tips about a drug to treat Alzheimer’s disease.

Bloomberg reports that U.S. District Judge Paul Gardephe in Manhattan set the jury trial date Wednesday after Martoma’s lawyer, Richard Strassberg, said at a hearing that prosecutors told him they might file a superseding or revised indictment that would include additional information.

The government’s deadline to file insider trading charges in the case expires in late July.

Strassberg argued he’d need time to prepare if a new indictment is filed and told Gardephe that he has a trial before U.S. District Judge Jed Rakoff scheduled to begin in late September that could pose a conflict with Martoma’s November trial date. He asked that the trial start in February.

'We do understand that there is a possibility the government will seek to file a superseding indictment by the end of July', Strassberg said. 'That may require additional time to prepare a defense'.

Gardephe said he was reluctant to wait until next year and said he originally intended to set a September trial date in the case before Strassberg took over as Martoma’s defense counsel in April.

Hit the link below to access the complete Bloomberg article:

Ex-SAC Manager Martoma Faces Nov. 4 Insider-Trading Trial

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