{"id":6148,"date":"2017-05-12T20:01:27","date_gmt":"2017-05-13T01:01:27","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1568"},"modified":"2022-05-17T14:31:36","modified_gmt":"2022-05-17T19:31:36","slug":"insider-trading-sac-capital-advisors-settles-investors-former-portfolio-manager-seeks-new-trial-jury-convicts-ex-mlb-player","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/insider-trading-sac-capital-advisors-settles-investors-former-portfolio-manager-seeks-new-trial-jury-convicts-ex-mlb-player\/","title":{"rendered":"Insider Trading: SAC Capital Advisors Settles with Investors, Former Portfolio Manager Seeks New Trial, and Jury Convicts Ex- MLB Player"},"content":{"rendered":"

Ex-SAC Capital Advisors LP Portfolio manager Mathew Martoma is asking for another trial. Martoma is serving nine years behind bars after he was convicted for insider trading <\/a>in Wyeth LLC and Elan Corp. stock based on illegal tips and making $275M in the process. He believes his conviction should be overturned because of a ruling issued by the US Supreme Court last year.<\/p>\n

The Supreme Court case involved a man accused of engaging in insider trading after his brother-in-law, a former Citigroup (C) investment banker, gave him the illegal tip. The nation\u2019s highest court upheld the conviction against Bassam Salman in a unanimous ruling. The justices said that a person could be convicted for sharing insider tips with a friend or relative regardless of whether or not there was a profit for the tipper.<\/p>\n

Martoma is accused of obtaining confidential information from two physicians involved in clinical trials for an Alzheimer\u2019s drug. His defense attorney is contending that the prosecution did not bring enough evidence to demonstrate that the person who tipped Martoma shared the information because he was paid money. The lawyer also claims that instructions the jurors received were flawed because they allowed for a conviction on the grounds of the promise that the tipper was motivated by the possibility of friendship instead of because of a preexisting personal connection. Prosecutors are arguing that the financial relationship between Martoma and one of the physicians, who testified that he was paid $1K\/hour for consulting with Martoma, was sufficient to support the earlier conviction.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ex-SAC Capital Advisors LP Portfolio manager Mathew Martoma is asking for another trial. Martoma is serving nine years behind bars after he was convicted for insider trading in Wyeth LLC and Elan Corp. stock based on illegal tips and making $275M in the process. He believes his conviction should be overturned because of a ruling […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811],"tags":[],"class_list":["post-6148","post","type-post","status-publish","format-standard","hentry","category-insider-trading"],"yoast_head":"\nInsider Trading: SAC Capital Advisors Settles with Investors, Former Portfolio Manager Seeks New Trial, and Jury Convicts Ex- MLB Player — Investor Lawyers Blog — May 12, 2017<\/title>\n<meta name=\"description\" content=\"Ex-SAC Capital Advisors LP Portfolio manager Mathew Martoma is asking for another trial. Martoma is serving nine years behind bars after he was convicted — May 12, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/insider-trading-sac-capital-advisors-settles-investors-former-portfolio-manager-seeks-new-trial-jury-convicts-ex-mlb-player\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Insider Trading: SAC Capital Advisors Settles with Investors, Former Portfolio Manager Seeks New Trial, and Jury Convicts Ex- MLB Player — Investor Lawyers Blog — May 12, 2017\" \/>\n<meta name=\"twitter:description\" content=\"Ex-SAC Capital Advisors LP Portfolio manager Mathew Martoma is asking for another trial. 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