Former SAC Capital Advisors portfolio manager Mathew Martoma has switched lawyers in the midst of his insider trading case.
The New York Times speculated that Martoma’s decision to replace Charles Stillman of Stillman & Friedman with Richard Strassberg of Goodwin Procter could indicate that Martoma is intending to have his case heard by a jury. Martoma pleaded not guilty to insider trading charges earlier this year.
eVestment previously reported that Martoma, who worked at SAC Capital affiliate CR Intrinsic Partners, was charged by federal authorities in November for allegedly making over $250 million for the firm using insider information he received regarding an Alzheimer disease drug trial.
SAC agreed to pay $602 million –the largest ever in an insider trading case-- to settle civil charges related to the trades last month. As part of the settlement, it neither admitted nor denied wrongdoing. However, a federal judge has requested that he needs more time to decide whether to approve the hedge fund’s settlement.
Based in Stamford, Conn., SAC manages about $15 billion in assets.