Skip to main content

Mathew Martoma's Lawyers Granted 7 Extra Weeks To Come Up With List Of Good Reasons Client Shouldn't Do Too Much Time

  • Author:
  • Updated:

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]