A prison sentence approaching 20 years would be an appropriate punishment for Mathew Martoma, a former SAC Capital Advisors LP fund manager convicted of insider trading, US court officials said, prompting his lawyers to object strenuously.
In a court filing late Tuesday, lawyers for Martoma urged US District Judge Paul Gardephe in Manhattan to show leniency, and impose a lesser sentence than the 11-year prison term given to Galleon Group hedge fund founder Raj Rajaratnam for his 2011 insider trading conviction. A term of nearly 20 years would be record for an insider trading conviction.
The filing also included more than 100 letters of support for Martoma, of Boca Raton, Florida, who is married and has three young children. SAC was founded and owned by billionaire investor Steven A Cohen.
Martoma faces sentencing on June 10 following his February 6 fraud conviction for seeking and trading on confidential tips about a clinical trial for an Alzheimer's drug.