Mathew Martoma, a former SAC Capital Advisors hedge fund manager, 'corrupted' doctors to get an 'illegal edge' that helped him perpetrate the most lucrative insider trading scheme in history, a federal prosecutor said on Friday.
'The case is about cheating,' Arlo Devlin-Brown, an assistant United States attorney, told jurors during the opening of Mr. Martoma’s trial in Lower Manhattan. That cheating resulted in hundreds of millions of dollars for SAC and a $9.3m bonus for Martoma.
The New York Times reports that Martoma’s lawyer countered that the government’s case was 'riddled with inconsistencies and filled with reasonable doubt' and reminded the jury that Mr. Martoma’s future was on the line.
'The stakes here could not be higher,' Richard Strassberg, the lead defense lawyer said, citing 'The Exonerated', a play about six people who are wrongfully convicted of murder and other offenses.
The opening arguments were delivered to a jury of five men and seven women that includes a chief executive and a New York City bus driver, in a courtroom packed with friends and family of Martoma and spectators.
Martoma, 39, is the second SAC employee to stand trial in the Justice Department’s decade-long investigation into insider trading at SAC, which is run by the billionaire Steven A. Cohen.
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image: © Clyde Robinson