SAC Capital Advisors portfolio manager Mathew Martoma was denied his bid to postpone his January 6 insider trading trial.
Bloomberg Businessweek reported that U.S. District Judge Paul Gardephe denied Martoma’s request for a two-week delay in the trial. His lawyers claim that they need more time to prepare witnesses and go through nearly 115,000 pages of new documents that they recently received from the U.S. government.
According to Martoma’s lawyer, Richard Strassberg, “the documents -- which were restored from newly discovered SAC backup tapes created in 2007 and 2008 -- consist primarily of e-mails sent to or received from Mr. Martoma’s analyst, Mr. Martoma’s trader and SAC health-care portfolio managers.”
Martoma was charged by federal authorities last November for allegedly making over $250 million for SAC Capital using insider information he received regarding an Alzheimer disease drug trial.
SC recently pleaded guilty to insider trading that is awaiting approval from a federal judge. Under the deal, SAC would be barred from managing external capital for five years, thus forcing the firm to transition into a family office.
A grand jury charged SAC in July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The SEC also charged SAC founder Steve Cohen in a civil lawsuit for failing to prevent insider trading at his firm.
SAC had about $14 billion in total assets under management as of July 1.