New SAC emails discovered as money manager set for trial

Email Simon Stratford

SAC Capital Advisors e-mails and other documents found on 'newly discovered' backup tapes from 2007 and 2008 were turned over to a former fund manager accused of insider trading, his lawyer said.

Bloomberg reports that Mathew Martoma’s legal team received 114,757 pages of the documents this week at the goverment's instruction from SAC's lawyer, said Martoma's attorney, Richard Strassberg, in a letter yesterday to U.S. District Judge Paul Gardephe in Manhattan. Strassberg is seeking a two-week delay of Martoma’s 6th January trial. He said he needs the additional time to analyze the new evidence and prepare witnesses.

'Certain of these materials appear directly relevant to specific allegations made against Mr. Martoma', Strassberg said in the letter.

Michael Steinberg, another SAC money manager, is set to go on trial on insider-trading charges next week in Manhattan. Steinberg, who worked at SAC’s Sigma Capital Management unit, is charged with trading on inside tips he got from convicted SAC technology analyst Jon Horvath.

SAC offered a guilty plea to charges on 8th November as part of a record $1.8bn settlement of the government’s investigation into insider trading at the firm. The Stamford, Connecticut-based hedge fund agreed to close its investment advisory business as part of the accord to end both its prosecution and a money-laundering lawsuit filed by the Justice Department. The judge in that case hasn’t decided whether to accept the plea.

To access the complete Bloomberg article hit the link below:

New SAC E-Mails Given Martoma as Steinberg Heads to Trial

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image: © Clyde Robinson

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