Bigger India
Conviction of SAC’s Indian-American Portfolio Manager Mathew Martoma Upheld Despite Jury Instructions
The decision means he will remain in prison, following his February 2014 conviction for making $275 million of illegal gains in Elan Corp and Wyeth.
A divided federal appeals court on Monday upheld the insider trading conviction of Mathew Martoma, a former portfolio manager for billionaire Steven A. Cohen, finding enough evidence to establish guilt despite defective jury instructions.
In an unusual 2-1 decision, the 2nd U.S. Circuit Court of Appeals, which had upheld Martoma’s conviction and nine-year prison term in August 2017, withdrew its finding at that time that the jury instructions were “not obviously erroneous.”