MATHEW Martoma, ex-SAC Capital Advisors LP portfolio manager, has received a nine year prison sentence plus forfeiture of his $9.3 million Florida home on Monday (8 September).
The disgraced hedge fund manager made more than $275 million for former boss, Steven A. Cohen, by using non public information gleamed from an Alzheimer's clinical drug trial pharmacist.
Defense counsel's plea of mitigation was rejected by U.S. District Judge Paul Gardephe, sitting in New York, who said: "I cannot and will not ignore that the gain is hundreds of millions of dollars more than ever seen in an insider trading prosecution."
Richard Strassberg's claim that his client's 'fragile family circumstances' should be considered was dismissed by District Judge Gardephe who said Martoma had to account for the "enormous" $275 million gain SAC obtained illegally through insider trading. A sentence appeal is pending.