Ex-trader: US-suggested sentence ‘outrageous’

NEW YORK  — Lawyers for a former portfolio manager say prosecutors’ recommendation that he serve up to 20 years in prison for insider trading is “outrageous” and “irrational.”

Mathew Martoma’s lawyers said in papers filed late Tuesday that a judge at his sentencing next month would have to believe Martoma teamed up with his billionaire boss, Steven A. Cohen, to conclude he deserves such stiff punishment.

The Probation Department recommended Martoma receive from 15.7 to 19.6 years in prison, which would be greater than the record dozen years a former attorney received in Newark, N.J., after he admitted giving secrets during a 17-year insider trading scheme.

The Associated Press

The Associated Press


Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Please read our Terms of Service and Privacy Policy before commenting.

  • Recent Articles

  • Enter your email address to subscribe and receive notifications of new posts by email.

  • Special Publications »

    Use of this site constitutes acceptance of our Terms of Service (updated 4/30/2015) and Privacy Policy (updated 4/7/2015).
    Copyright (c) 2015 McNaughton Newspapers, Inc., a family-owned local media company that proudly publishes the Daily Republic, Mountain Democrat, Davis Enterprise, Village Life and other community-driven publications.