A former SAC Capital Advisors LP portfolio manager avoided prison on Thursday after helping federal authorities win a guilty plea and $1.8 billion in financial penalties from the hedge fund run by billionaire Steven A. Cohen.
Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC Capital Advisors LP hedge fund, was sentenced on Monday to nine years in prison for engaging in what authorities called the most lucrative insider trading scheme in U.S. history.
Assistant US Attorney Arlo Devlin-Brown said in a letter to judge Brenda P. Murray yesterday that the administrative proceeding of SAC Capital Advisors LP founder Steven A. Cohen should be on hold until all criminal cases of his employees have been resolved.
Lawyer Richard Strassberg for defendant former SAC Capital Advisors LP hedge fund manager Mathew Martoma has asked a federal judge to give a reduced sentence to the former trader considering that other defendants had only received jail terms of at least two years, Bloomberg reported.
