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.

Sentencing of ex-SAC trader Martoma delayed [NYP]

6 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (6)

  1. Posted by Guest | June 11, 2014 at 9:16 AM

    Dude, do NOT try the raising money from a bake sale angle.

    -Mike Steinberg

  2. Posted by Quant me maybe... | June 11, 2014 at 9:27 AM

    If Matt Levine had defended him the government would have paid Martona a reward for doing such a good job, Stamford would have awarded him an honorary doctorate, the SEC would have been banned from prosecuting insider trading, Preet would be an urban goat heard Bridgeport and Goldman Sachs would have underwritten the deal.

    >The choice of the right attorney is more important that the small matter of guilt or innocence.

  3. Posted by InfiniteGuest | June 11, 2014 at 12:38 PM

    If they don't argue that he's too pretty to go to jail then they don't deserve to practice law.

  4. Posted by Jerome | June 11, 2014 at 1:45 PM

    The attorneys need time for Matt to walk from France to Italy to go see the pope.

  5. Posted by Guest | June 11, 2014 at 1:46 PM

    They are waiting for Stevie's check to clear before they act again.

  6. Posted by Guest | June 11, 2014 at 1:48 PM

    "personally responsible for $49 million in criminal proceeds"

    is that an admission of guilt, ergo Supreme Court appeal out the window?