An Indian-origin portfolio manager, convicted for his role as the “central figure” in one of the most lucrative insider trading schemes in US history, should be sentenced to more than eight years in prison, Manhattan’s top federal prosecutor Preet Bharara has said.
Mathew Martoma, 39, was convicted in February of one count of conspiracy to commit securities fraud and two counts of securities fraud.
A former portfolio manager of CR Intrinsic Investors, a division of hedge fund giant SAC Capital, Martoma will be sentenced on July 28 and and faces a maximum of 20 years in prison. Ahead of the sentencing, India-born Bharara asked the federal court here to sentence Martoma to more than eight years in prison for collecting confidential information about a high-profile drug trial and making profits and avoiding losses of $275 million for SAC Capital.
Martoma, a father of three, even earned a $9.3 million bonus for himself due to his various trades for SAC.
- Varun Gandhi Under Attack Over Defence Deals: Here’s How
- This Diwali, Let Blind Students Brighten Up your Homes With Candles & Diyas
- CBI Files Supplementary Chargesheet In Sheena Bora Murder Case
- Soha Ali Khan And Vir Das Starrer 31st October Audience Reaction
- Sahara Chief Subrata Roy’s Parole Extended Till November 28
- Simple Tips To Secure Your Debit Card From Fraudsters
- New Zealand & India Team Being Welcomed In Chandigarh
- Mumbai Call Centre Scam: All You Need To Know
- Jammu Kashmir Chief Minister Mehbooba Mufti Appeals To Police: Here’s What She Said
- Shocker From Ahmedabad: Find Out What Happened
- Bigg Boss 10 Day 3 Review: Celebs Fail To Do Well in First Task
- Airtel Offers 10GB Data At Rs 259 For New 4G Smartphone Users
- Aamir Khan Starrer Dangal’s Trailer Launched: First Impressions
- TMC Supporters Attack BJP Leader Babul Supriyo
- Sri Lankan Navy Apprehends 20 Indian Fishermen
“Martoma’s post-graduate working life has been limited to highly-paid work for hedge funds. The bulk of Martoma’s earnings from his hedge fund career — the entirety of his $9 million bonus at SAC — were the proceeds of securities fraud,” Bharara said.