Former SAC Capital Advisors fund manager Mathew Martoma, on trial for insider trading, lost a bid to show jurors what founder Steven Cohen told regulators about the sale of Wyeth stock at the centre of the case - statements he argues exonerate him.
Bloomberg News reports that Martoma sought to use excerpts from Cohen’s May 2012 deposition before the U.S. Securities and Exchange Commission to prove that he wasn’t involved with SAC Capital’s decision to liquidate its Wyeth holdings and take short positions in the drugmaker and Elan Corp. in 2008.
The government alleged that the moves on the two stocks were made based on illegal inside information, resulting in a $276m benefit to the firm and the most lucrative insider-trading scheme ever charged against an individual.
U.S. District Judge Paul Gardephe on January 7th gave written questionnaires to 80 potential jurors. He excused 26 after prosecutors and lawyers for Martoma agreed they weren’t able to serve on the jury.
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image: © Clyde Robinson