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Ex-SAC Manager Charged in Trading Scheme Switches Lawyers

Mathew Martoma, a former portfolio manager at a unit of SAC Capital Advisors, leaves federal court in New York, on March 5

Mathew Martoma, a former portfolio manager at a unit of SAC Capital Advisors, leaves federal court in New York, on March 5 Photograph by Jin Lee/Bloomberg

In a week already overflowing with intriguing developments in the insider-trading investigation centered on SAC Capital Advisors, here’s another: Mathew Martoma is replacing his defense lawyer. The move immediately raises questions about whether Martoma plans to change his strategy, which—so far, at least—could be characterized as: fight without giving an inch.

Martoma’s legal strategy has been a major subject of debate and consternation among those involved in the case. Martoma is the former SAC portfolio manager who was charged last November with trading on inside information on two drug stocks, Elan and Wyeth, in what the government described as the largest insider-trading case ever.