Onetime law student Mathew Martoma gets 9 years in 'most lucrative' $275M insider-trading case
A onetime Harvard University law student expelled for altering his transcript was sentenced Monday to nine years in prison in a case billed by federal prosecutors as “the most lucrative insider-trading scheme ever charged.”
Mathew Martoma, 40, had faced as much as 20 years in the Manhattan case over his 2008 work as a former SAC Capital Advisors portfolio manager, according to Bloomberg and earlier Bloomberg Businessweek and Wall Street Journal (sub. req.) stories.
The sentence by U.S. District Judge Paul Gardephe was in line with what prosecutors had sought, putting Martoma among a small group of defendants sentenced in recent years to prison terms considered hefty for insider trading.
Martoma’s lawyers had argued that he should get a lesser sentence, contending that he had essentially participated in only a single incident of insider trading, reports the DealBook blog of the New York Times (reg. req.). However, prosecutors pointed to some $275 million in profits and losses avoided as a result of trading by others.
See also:
ABAJournal.com: “Defendant in high-profile insider-trade trial was expelled from Harvard Law School, prosecutors say”
