Martoma is set to start 9-Yr. prison term in November.
By The American Bazaar Staff
NEW YORK: A federal judge here rejected former SAC Capital Advisors LP portfolio manager Mathew Martoma’s appeal for bail, as he fights to ward off a 9-year prison sentence after being convicted for perpetrating the most lucrative insider-trading scheme in U.S. history.
Martoma, 40, is scheduled to begin his prison sentence on November 10. U.S. District Judge Paul Gardephe in Manhattan, who presided over the trial, said on Tuesday the former hedge fund manager failed to show any substantial grounds for reversal of his conviction on two counts of securities fraud and one count of conspiracy, reported BloombergBusinessweek.
Martoma’s lawyers had argued his appeal would raise “several close questions†including whether evidence in his favor was improperly excluded and his sentence was “unreasonable.†Martoma had also asked Gardephe to delay his surrender date to prison.
Gardephe said that evidence presented after a month-long trial shows Martoma engaged in an insider-trading scheme from 2006 to July 2008. Martoma was convicted of making $275 million for SAC by using illegal tips to trade in Elan Corp. and Wyeth LLC.
As his prison sentence looks inevitable, Martoma’s wife, Rosemary Martoma, who is a pediatrician by training, has appealed to a judge that she should not be penalized for her husband’s actions, and should be allowed to keep half his money, as well as a house in Florida, even if the wealth was ill-gotten.
Martoma last week asked a judge to hold a hearing on whether prosecutors can seize her and her husband’s Florida home and bank account. Mathew Martoma was ordered to forfeit $9.4 million, including the Boca Raton house, following his conviction in February, reported Finalternatives.
According to Rosemary’s appeal to the judge, she “agreed to give up her career, and care for the household and children, based on the promise that she would have equal, joint ownership of all income derived from the defendant’s work outside of the household.â€
In addition to the house, prosecutors are seeking forfeiture of more than $4 million held in bank accounts.
7 Comments
“should be allowed to keep half his money, as well as a house in Florida, even if the wealth was ill-gotten” Does law allow the thief’s spouse to appropriate half the looted amount? If so, really funny! In India, the entire loot will go to the looter’s spouse, he’ll go to prison. So, anyone wanting to cheat, loot, commit fraud, welcome to India.
“should be allowed to keep half his money, as well as a house in Florida, even if the wealth was ill-gotten” Does law allow the thief’s spouse to appropriate half the looted amount? If so, really funny! In India, the entire loot will go to the looter’s spouse, he’ll go to prison. So, anyone wanting to cheat, loot, commit fraud, welcome to India.
“should be allowed to keep half his money, as well as a house in Florida, even if the wealth was ill-gotten” Rosemary, on what basis you’re making this claim?
“should be allowed to keep half his money, as well as a house in Florida, even if the wealth was ill-gotten” Rosemary, on what basis you’re making this claim?
Rosemary, that indeed is stolen money and should go back to the original owners. Your sharing the bed with him will not entitle you to share the loot.
Rosemary, that indeed is stolen money and should go back to the original owners. Your sharing the bed with him will not entitle you to share the loot.
Rosemary, that indeed is stolen money and should go back to the original owners. Your sharing the bed with him will not entitle you to share the loot.