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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SAC's Martoma Wants US Government to Turn Over Evidence

Dec 29, 2013
Jing Chen

SAC Capital Advisors portfolio manager Mathew Martoma is asking the U.S. government to disclose evidence that can help him beat his insider trading trial next month.

Bloomberg reported that Martoma, who is scheduled to go on trial January 6, filed a request in federal court on Thursday stating that prosecutors failed to provide him with communications between the government and lawyers for the two scientists who allegedly gave him non-public information about drug trials. Martoma claimed in the filing that the two scientists, Sidney Gilman and Joel Ross, initially told the government that they did not pass confidential information to him, which contradicts the charges against Martoma.

Martoma was charged by federal authorities last November for allegedly making over $250 million for Connecticut-based SAC Capital using insider information he received regarding an Alzheimer disease drug trial.

SAC, which pleaded guilty to insider trading in November, was charged 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.

 

 

 

 

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