Insider-Trading Crackdown Bolstered as Martoma's Appeal Rejected
- Porfolio manager was convicted in biggest-ever insider case
- Martoma had argued trial tainted by improper jury instructions
Mathew Martoma, a former portfolio manager at a unit of SAC Capital Advisors LP, center, exits federal court in New York, on Nov. 26, 2012.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
Former SAC Capital Advisors LP portfolio manager Mathew Martoma lost a bid to overturn his insider-trading conviction, giving a boost to federal prosecutors seeking to clean up illegal behavior on Wall Street.
White-collar crime experts said the appeals court ruling refusing to grant the jailed trader a retrial will widen the category of people who can potentially be prosecuted to include those who get an inside tip as a gift from an acquaintance or business associate.