Feds Say Ex-SAC Trader's Acquittal Bid Distorts Facts

Law360, New York (March 24, 2014, 2:48 PM EDT) -- New York federal prosecutors on Friday urged a judge to reject former SAC Capital Advisors LP manager Mathew Martoma’s bid to reverse his insider trading conviction, saying the motion "distorts or ignores important evidence” presented during a four-week trial.

The government presented “ample” evidence that Martoma traded shares of Wyeth Ltd. and Elan Corp. based on inside information supplied by two doctors regarding the companies’ trial of an experimental Alzheimer's drug, according to an opposition filing. Martoma was convicted Feb. 6 of engaging in the most...
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