appeals

  • 21 Oct 2014 at 12:59 PM

Mathew Martoma Still Going To Jail

martomaUnfortunately for the ex-SAC PM, a judge was unswayed by the defense team’s promise to reveal heretofore unknown details re: its client’s innocence. Read more »

  • 04 Jun 2014 at 10:37 AM

Kweku Adoboli Still Not Feeling That Guilty Verdict

Kweku Adoboli, the former UBS trader who caused a $2.3 billion loss through unauthorized trading, is trying again to get permission to overturn his conviction and seven-year sentence. Lawyers for Adoboli are scheduled to ask an appeals court in London today to grant him the chance to argue that the conviction should be thrown out. His initial claim was already rejected by a judge in July 2013, without a hearing taking place. Adoboli was convicted in November 2012 of two counts of fraud for causing the loss at the bank’s London unit. He argued at trial that managers at Zurich-based UBS pushed him to take too many risks and that rule-breaking at the bank was rampant. While he admitted causing the loss, he said it wasn’t done dishonestly. [Bloomberg]

Just seconds after the prosecutor arguing the appeal introduced herself, the judges grilled her about the case and implied that Mr. Bharara’s office steered insider trading trials to Judge Richard J. Sullivan, who oversaw Mr. Chiasson’s and Mr. Newman’s trial and a subsequent case against another trader. The questioning appeared to send a cautionary message to Judge Sullivan, who is known for often siding with the government, and took a swipe at prosecutors for cherry-picking judges. Judge Barrington D. Parker — interrupting the prosecutor, Antonia M. Apps — referred to Judge Sullivan as the government’s apparent “preferred venue” for insider trading cases. While Ms. Apps argued that consolidating the cases created “judicial efficiencies,” another member of the appellate panel noted the “sheer coincidence that the judge who bought into the government’s theory was the one” assigned to the recent trials. [Dealbook]

1. He’s not convinced the government proved he committed securities fraud. 2. He feels pretty strongly that the revelation he created fake Harvard Law School transcripts that were accidentally sent to judges, with whom he was seeking prestigious clerkships, made him look bad. Read more »