g***j
发帖数: 40861 | 1 At the end of a somber, two-hour hearing Monday in downtown Manhattan,
former SAC Capital portfolio manager Mathew Martoma received a tough
sentence for his insider-trading conviction: nine years in prison and the
forfeiture of $9.4 million.
That punishment, meted out in federal court by Judge Paul Gardephe, who
presided over Martoma's five-week trial in February, came after a heated
written exchange between lawyers for both the government and the defendant
over the desired length of Martoma's prison term.
Although federal sentencing guidelines supported an incarceration of between
15 and 20 years, government officials had proposed a term of more than
eight years—a length of time that lawyers for Martoma described as "
outrageous."
Even though the estimated ill-gotten gains in this case amounted to $275
million from combined stock-trading profits and averted losses, Martoma's
lawyers argued, his direct benefit from the trading amounted to no more than
$9.4 million, the compensation he received the year the trades were made—
and perhaps less. The illegal trades were made between 2006 and July 2008 in
the pharmaceutical stocks Elan and Wyeth.
The vast majority of the gains were taken by SAC Capital, the hedge fund
where Martoma worked at the time. |
|
