NY judge sentences ex-trader to 9 years in prison
Source: AP-Excite
By LARRY NEUMEISTER
NEW YORK (AP) — An Ivy League-educated ex-portfolio manager convicted of enabling his firm to earn more than a quarter-billion dollars through insider trading on a promising Alzheimer's drug trial was sentenced Monday to nine years in prison by a judge who said the "staggering" fraud deserved lengthy incarceration.
Mathew Martoma, his face drawn, left Manhattan federal court holding his wife's hand after Judge Paul Gardephe ordered him to report to prison in November following his February conviction for conspiracy and securities fraud.
A jury found Martoma, of Boca Raton, Florida, had flattered and enriched two medical doctors to elicit the secret results of an Alzheimer's drug trial so he could trade ahead of public announcements, enabling his Stamford, Connecticut-based employer, SAC Capital Advisors, to earn more than $275 million illegally. His firm, headed by billionaire Steven A. Cohen, then rewarded him with more than $9 million in bonuses.
The judge ordered Martoma, 40, to forfeit $9.3 million, including his home and banks accounts holding millions of dollars.
FULL story at link.
Matthew Martoma, center right, leaves the courthouse hand-in-hand with wife Rosemary, right, after Martoma, a former portfolio manager convicted of helping his firm earn more than a quarter-billion dollars illegally through insider trading, was sentenced to nine years in prison, Monday, Sept 8, 2014, in New York. (AP Photo/Larry Neumeister)
Read more: http://apnews.excite.com/article/20140908/us--insider_trading_arrest-580842cb69.html
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Last edited Mon Sep 8, 2014, 11:23 PM - Edit history (1)
This is a good start, but the fellow who gave him a $9 million dollar bonus for fraudulently earning a quarter of a billion for the company needs to be prosecuted.
