Did the revelation that Martoma, who at the time went by the surname Thomas, created fake transcripts and sent them to judges with whom he was seeking clerkships and then tried to pass the whole thing off as a joke that he blamed on his brother, make Martoma/Thomas look bad? You bet. Did the jury nevertheless find him guilty strictly based on the evidence that he convinced a little old man to give him confidential drug trial results and broke a host of securities laws on the way to orchestrating the most lucrative insider trading scheme ever? That’s what people who did graduate from law school are going with:
“[T]he evidence at trial overwhelmingly established that Martoma received material, nonpublic information,” prosecutors, in a 36-page memo, told the trial judge. Martoma, a former portfolio manager at Steve Cohen’s SAC Capital Advisors hedge fund, asked the judge in February to reverse his conviction or toss the verdict and order a new trial. A federal court jury found Martoma guilty of masterminding the most lucrative insider-trading trade ever — $275 million in profits and averted losses. Martoma’s lawyers argued that information about his being kicked out of Harvard Law School tainted the trial. Prosecutors maintain there was no evidence the jury was aware that Martoma forged his college transcripts and got booted from the Ivy League school.