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  • Reuters3 years ago

    Trial of SAC's Martoma begins with questions for potential jurors

    Jury selection began on Tuesday in the trial of Mathew Martoma, a former portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, who is accused of engaging in the most lucrative insider trading scheme in U.S. history. Potential jurors were asked, among other things, about the extent to which they had read about Martoma's case or heard of Cohen and SAC. U.S. District Judge Paul Gardephe later Tuesday excused 26, after lawyers for Martoma detailed issues that could impact whether they could act fairly and impartially. One excused juror wrote that Martoma was involved in "an unsavory and corrupt industry," said Richard Strassberg, Martoma's lawyer.

  • Reuters3 years ago

    Trial to focus on trades by SAC's Cohen

    A trial starting this week over what U.S. prosecutors call the most lucrative insider trading scheme ever will likely delve into the trading activity of Steven A. Cohen, founder of the SAC Capital Advisors hedge fund. Mathew Martoma, a former SAC portfolio manager, is charged with using confidential information provided by two doctors involved in clinical trial to trade in drug companies Elan Corp Plc and Wyeth, which is now owned by Pfizer Inc. The trial is part of a crackdown on insider trading by federal prosecutors in New York.

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