Mathew Martoma’s Lawyers Granted 7 Extra Weeks To Come Up With List Of Good Reasons Client Shouldn’t Do Too Much TimeBy Bess Levin
So far the defense team has only one (Martoma was only responsible for $49 million out of the $276 million SAC Capital made based on inside information about Elan and Wyeth) but by late July? Hoo-boy, you just wait. It’ll be a regular BuzzFeed article up in that courtroom (20 Reasons Why Mathew Martoma Should Serve Far Fewer Years Than The Government’s Recommended Sentence).
The former SAC Capital portfolio manager’s sentencing — originally scheduled for June 10 — is now set for July 28. The lengthy delay comes as the court’s probation department has recommended between 15.7 and 19.6 years jail time — a sentence that Martoma’s legal team called “outrageous.” The recommendation is based on the $276 million that Martoma’s crimes earned SAC — the largest insider-trading crime ever…It’s unclear why Martoma’s lawyers need so much more time. They’ve already submitted what the government called a “voluminous” sentencing report asking for leniency. In it, the lawyers argued that Martoma was only personally responsible for $49 million in criminal proceeds, which should lessen the time he serves.