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Mathew Martoma has not had the best luck over the last number of years. First, he was charged with masterminding the “most lucrative insider trading scheme ever,” during his time at SAC Capital. Then, over the course of his trial, it came out that he’d doctored his transcripts while at Harvard Law School, which resulted in his expulsion. Later, of course, a jury found him guilty of securities fraud. And finally, when he was really down, perhaps at the lowest he’d ever been, Stanford’s business school had to go and take away his MBA, to boot. Still, Martoma his hoping his string of bad luck is finally up and is asking a judge to grant him this one thing.
Ex-SAC Capital Advisors LP hedge fund manager Mathew Martoma asked a federal judge for leniency at his sentencing, arguing the narrow scope of illegal trades that yielded the firm $276 million mandates a lesser penalty than the “outrageous” 15 to 20 year-term recommended by the government. “Martoma was convicted of insider trading over the course of at most two weeks based on one piece of information from one tipper about one event,” defense lawyer Richard Strassberg said in yesterday’s court filing. “Martoma is less culpable than other recent insider trading defendants.”
SAC’s Martoma Seeks Leniency for Insider Trading [Bloomberg]