Husband Mathew Martoma is serving 9-year sentence.
By Raif Karerat
WASHINGTON, DC: Rosemary Martoma, the wife of former hedge fund manager Mathew Martoma, is battling the federal government to save her opulent lifestyle after her husband masterminded the most insidiously lucrative insider trading scheme in history.
Rosemary Martoma is fighting to block federal authorities from seizing her share of the family assets, including their $1.9 million Boca Raton, Florida mansion and $4 million stowed away in various bank accounts.
Matthew Martoma, once an SAC Capital hedge fund portfolio manager, was convicted last February of conspiracy and securities fraud.
USA Today reports that he surreptitiously traded non-public information about tests on an experimental Alzheimer’s disease drug being developed by pharmaceutical corporations Elan and Wyeth. He then utilized the test-results to “trigger a massive SAC Capital sell-off that generated $276 million in profits” while circumventing any losses. Due to his aspirations of white-collar crime, Matthew Martoma is currently serving a nine-year prison sentence in a Miami correctional facility.
In a legal brief filed last Friday, federal prosecutors sought to dismiss Rosemary’s petition claiming joint ownership of the sprawling abode and several financial accounts.
According to the documentation obtained by USA Today, Assistant U.S. Attorney Christine Magdo asserts Rosemary Martoma “is not entitled to re-litigate this court’s finding that the specific properties were proceeds, or traceable to proceeds, of the defendant’s crime. Her backdoor attempts to do so — by, for example, claiming that she used her own funds to purchase the Florida property — are procedurally barred and factually unsubstantiated by the record.”
Rosemary Martoma’s petition argued she gave up her career as a pediatrician “based on the promise of equal ownership” of all of her husband’s income. Her lawyers are expected to file arguments against the dismissal motion by February 27.
2 Comments
Of course wifes of crooks and insider traders do not get to keep ill gotten gains and assets illegally made by their spouses otherwise white collar criminals and gangsters would put all the fruits of their crimes in their wifes’ or relatives”names and enjoy them once out of jail.
Rosemary Martoma is still very young and needs to resume her medical “lucrative career” and put her children in day care while working like millions of American mums.
She did not have to give up her career as a pediatrician when she married Martoma, it was her choice and she could have worked as a doctor.
Why not sue her husband for making her loose her opulent lifestyle in this case?
She had a millionaire’s lifestyle for years due to his insider’s trading already.
Her attempt to sue the Feds shows a total lack of morality.
No cash for crooks or their willing accomplishers. What absurd arguments she makes.