Convicted Ex-SAC Manager Asks Full 2nd Circ. For Rehearing
By Dorothy Atkins (October 6, 2017, 7:36 PM EDT) -- Former SAC Capital insider trader Mathew Martoma urged the full Second Circuit on Friday to rehear his appeal after a split appeals court panel upheld his conviction for insider trading, arguing that the panel overruled its own precedent and replaced it with a test that dramatically departs from Supreme Court rulings.
Martoma argued that the panel's ruling in effect removed a "sensible and necessary limit" on insider trading liability, which prevented the government from pursuing traders who obtain information in the absence of the fiduciary breach by an insider.
"That decision was wrong, both procedurally and substantively, and warrants reconsideration en banc,"...
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