Ex-trader: US-suggested sentence 'outrageous'

[Judi Lynn]

Source: Associated Press

Ex-trader: US-suggested sentence 'outrageous'

| May 28, 2014 | Updated: May 28, 2014 3:57pm

NEW YORK (AP) — Lawyers for a former portfolio manager say prosecutors' recommendation that he serve up to 20 years in prison for insider trading is "outrageous" and "irrational."

Mathew Martoma's lawyers said in papers filed late Tuesday that a judge next month would have to conclude Martoma teamed up with his billionaire boss — Steven A. Cohen — to conclude he deserves such stiff punishment. The Probation Department recommended Martoma receive from 15.7 to 19.6 years in prison. The lawyers said the government never proved Martoma provided Cohen with inside information.

Cohen has not been criminally charged, but the Securities and Exchange Commission has accused him in a civil action of failing to prevent insider trading at his company, SAC Capital Advisors. He has disputed the allegations.

Martoma was convicted in February.



Read more: http://www.chron.com/news/crime/article/Ex-trader-US-suggested-sentence-outrageous-5510771.php

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(Short article, no more at link.)

[The Magistrate]

1. What is Outrageous, Ma'am, is That Sentences Like This Are Not Routine

[ColesCountyDem]

3. ^^^^^ This! +1. n/t

[Lochloosa]

4. ^^^^^Second This

[Vincardog]

9. Yes why don't we have Mandatory Minimum sentences for Banksters? I wonder… nt

[hobbit709]

2. OK, how about 25 to life instead?

And you get to do your time in a Supermax instead of a country club.

[1StrongBlackMan]

5. I'd rather do time in ...

any supermax facility, than any State operated prison.

[Earth_First]

6. Well there's always the 'affulenza' appeal when his sentencing plea fails. nt

[dipsydoodle]

7. Not long enough.

[rdking647]

8. as a former trader i have no problem with the sentence

[tech3149]

10. I can only speak as a layman

unless and until we punish individuals who act, allow, or enable theft in the corporate world, nothing will change.

The same thing applies to politicos. Allowing anyone to escape unharmed from any form of theft or corruption assures it will continue.

[devils chaplain]

11. "The government has claimed the secrets enabled the company to earn more than a quarter-billion..."

He's getting off easy.

[bemildred]

12. In China they execute them. nt