Ex-SAC Trader Testifies He Feared Losing Job Over Losses
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Mathew Martoma’s former trader at SAC Capital Advisors LP testified that he came to work on July 29, 2008, thinking he and his boss might lose their jobs.
“I believed that we had incurred significant losses in our portfolio,” the former trader, Timothy Jandovitz, testified today in Martoma’s insider trading trial. Jandovitz, the first witness called by prosecutors, told jurors he believed that bad news about a clinical drug trial had lost the fund managed by Martoma “north of $100 million.”