Former SAC Capital Advisors fund manager Mathew Martoma was portrayed by his lawyer as the victim of a 'rush to judgement' by prosecutors looking to use him to bring insider-trading charges against his former boss, Steven A. Cohen.
Bloomberg reports that the jury could begin considering the case as soon as today.
'Mathew was just a grain of sand in their haste to make a case against someone who is not even in this courtroom: Mathew’s boss, Steven Cohen,' Richard Strassberg said in his closing argument yesterday in Manhattan federal court.
Martoma, 39, is accused of using secret information about clinical tests of bapineuzumab, an Alzheimer’s disease drug being developed by Elan Corp. and Wyeth. Prosecutors say he used tips provided by two doctors supervising the tests. The $275m scheme is the most lucrative ever charged against an individual, the U.S. said.
Martoma is being tried on charges of securities fraud and conspiracy after the government failed to persuade him to cooperate in their investigation of SAC Capital and Cohen, founder of the Stamford hedge fund company. Lawyers for both sides yesterday made their closing arguments in the trial, now in its fifth week.
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image: © Clyde Robinson