The sentencing of former SAC Capital Advisors LP hedge fund manager Mathew Martoma, who faces what may be the longest insider trading prison-term in history, will be delayed following a defense request for additional time, a court clerk said. Martoma, 40, was convicted in February in what prosecutors have called the biggest insider trading scheme ever by an individual. He could face almost 20 years in prison for trading on illegal tips about an Alzheimer’s drug made by Elan Corp. and Wyeth LLC that gained SAC $276 million and earned him a $9.3 million bonus. Martoma’s lawyers requested in a letter to U.S. District Judge Paul Gardephe last week that the June 10 sentencing be postponed for more than a month, citing a late report by the court’s Probation Department. [Bloomberg]
Regulators overseeing financial reform are delaying many of the planned changes in the immense market for complex securities known as derivatives because they are running drastically behind schedule in writing their new rules. The Securities and Exchange Commission said on Wednesday that market participants would not have to comply with many aspects of derivatives reform scheduled to take effect in mid-July. It declined to specify how long the delay would be in the equity derivatives it oversees. [NYT]
The Financial Crisis Inquiry Commission slapped Goldman Sachs with a subpoena for documents and emails the bank has failed to turn over “in a timely manner,” according to a press release from the Commission.
Not surprisingly, the news has hit Goldman shares, which were up at the start of the trading day. Read more »
If we have to deal with a) airport delays and b) knowing looks from people who think it has something to do with those times we banged some hooks.
“Yesterday evening suffered a 6 hour delay waiting for JetBlue … But Christmas came early with a Spitzer sighting at the gate… An unshaven Spitzer was cruising around gates A20-A24 conservatively dressed in blazer, khakis with the appropriate accessories… Wife and Kids! Perhaps purgatory for Elliot is a Continental flight at EWR?