SAC’s Martoma Denied Bid to Remain Free in Insider Case
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Former SAC Capital Advisors LP portfolio manager Mathew Martoma lost his bid remain free on bail while he appeals his insider-trading conviction.
The U.S. Court of Appeals in New York today said Martoma’s appeal lacks a “substantial question” likely to result in a reversal. The panel didn’t rule on the merits of the claim, which will be decided later. Earlier today, Martoma’s lawyer, Paul Clement, told the judges that the trial judge erred by refusing to allow jurors to hear testimony SAC founder Steven A. Cohen’s gave to the U.S. Securities and Exchange Commission.