Former SAC Capital Advisors fund manager Mathew Martoma’s securities fraud convictions should stand and he shouldn’t get a new trial for the most lucrative insider-trading scheme ever, U.S. prosecutors said.
Bloomberg reports that Martoma, found guilty February 6 by a federal court jury in Manhattan, is seeking to overturn his convictions on grounds the government didn’t prove he traded on nonpublic information or had the required criminal intent. He also questioned the credibility of a key government witness and said media accounts of his expulsion from Harvard Law School may have biased the jury.
Prosecutors said there was overwhelming evidence presented at trial that he had inside information, particularly his receipt of the final efficacy results of a trial for an Alzheimer’s disease drug from Sidney Gilman, a former University of Michigan neurologist who was the government’s star witness, according to a filing today with U.S. District Judge Paul Gardephe, who presided over the trial.
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