SAC employee loses bid to delay insider trading trial

Gavel

Mathew Martoma, the latest employee of Steven A. Cohen's SAC Capital Advisors to face trial on insider trading charges, lost a bid on Friday to delay his trial, which is scheduled to start on January 6th.

Reuters reports that Martoma's lawyer, Roberto Braceras, told U.S. District Judge Paul Gardephe in New York that the conviction of SAC portfolio manager Michael Steinberg on Wednesday had ignited a new round of media stories that often mentioned Martoma, raising the possibility jurors could be tainted by the coverage.

He asked for a two-week delay, adding that they needed the extra time to prepare for trial in light of several pending motions.

But Gardephe said he had already postponed the trial from the autumn to January 'extremely reluctantly,' adding that the intense media attention on SAC would likely continue.

'The fact of the matter is, there is a piece of news about SAC nearly every day', he said.

To access the complete Reuters article hit the link below:

Judge denies bid to delay insider trading trial of SAC executive

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