Former SAC Capital Advisors portfolio manager Mathew Martoma asked a U.S. judge to throw out his insider trading conviction, saying federal prosecutors did not prove he committed a crime and that improper evidence and jury bias tainted the verdict.
Reuters reports that the request submitted late Thursday night in the U.S. District Court in Manhattan was expected. It followed Martoma's February 6th conviction on two counts of securities fraud and one count of conspiracy.
'This court should enter a judgment of acquittal on all counts' Martoma, 39, told U.S. District Judge Paul Gardephe, who presided over the roughly month-long trial, in the filing. In the alternative, Martoma said he deserves a new trial.
Martoma was accused of seeking and trading on confidential information about a clinical trial involving Ireland's Elan Corp and Wyeth, now part of Pfizer Inc, over an experimental drug to treat Alzheimer's disease.
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image: © Clyde Robinson