Former SAC Capital portfolio manager Mathew Martoma lost a bid to remain free while he fights a conviction for perpetrating the most lucrative insider-trading scheme in U.S. history, as a federal judge expressed doubt that his appeal will succeed.
Bloomberg News reports that Martoma, 40, is scheduled to begin his nine-year prison sentence on Nov. 10. U.S. District Judge Paul Gardephe in Manhattan, who presided over the trial, said Tuesday the former hedge fund manager failed to show any substantial grounds for reversal of his conviction on two counts of securities fraud and one count of conspiracy.
Martoma’s lawyers had argued his appeal would raise 'several close questions' including whether evidence in his favor was improperly excluded and his sentence was 'unreasonable.' Martoma had also asked Gardephe to delay his surrender date to prison.
Hit the link below to access the complete Bloomberg News article: