Mathew Martoma has started his nine-year prison term for insider trading at a “low security” federal prison in Miami at a time that most of the former hedge fund traders and analysts also convicted in the federal government’s long-running investigation have paid their debt to society.
The New York Times reports that Martoma, 40, reported on Thursday to the Federal Correctional Institute in Miami and is scheduled to be released on September 20, 2022. Martoma, the married father of three young children, is appealing his conviction.
The trial judge had directed the Federal Bureau of Prisons to send him to the minimum-security “camp” section of the prison.
Earlier this year, a jury convicted Martoma on charges that he used inside information to generate profits and avoid losses totaling $275m while working for Steven A. Cohen’s hedge fund, SAC Capital Advisors. Martoma is one of more than 85 people who have either pleaded guilty or been convicted at trial in the federal government’s crackdown on insider trading in the hedge fund industry.
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