Martoma has bail rejected ahead of insider trading appeal

Gavel Jason Morrison

Mathew Martoma’s bid to stay out of prison pending an appeal of his insider trading conviction did not last much past lunchtime.

The New York Times reports that a three-judge appellate panel issued a brief order on Wednesday afternoon denying his request to delay the start of his nine-year prison sentence just a few hours after hearing an argument from his lawyers on the matter.

The judges, from the United States Court of Appeals for the Second Circuit in New York, ruled that Mr. Martoma had 'failed to show that the appeal ‘raises a substantial question of law or fact'.

In denying Martoma’s request for bail, the court vacated a stay that had delayed his surrender to the authorities. 

To access the complete New York Times article hit the link below:

Court Rejects Bail for Former SAC Capital Trader Mathew Martoma

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