Former SAC Capital trader Mathew Martoma has won more time before heading to trial on insider-trading charges.
A Manhattan federal judge yesterday granted Martoma’s lawyers 90 days to review evidence in his case before moving on to trial, including the filing of major objections. That time line could push the trial until next year.
The government had asked the judge to grant Martoma a mere six weeks to review the evidence, which would have put the trial on track for the fall, according to prosecutor Arlo Devlin-Brown.
Martoma stands accused of helping Steve Cohen’s SAC Capital Advisors earn a whopping $276 million trading two pharmaceutical stocks.
Prosecutors said he received inside tips from a doctor overseeing an Alzheimer’s drug the companies were developing.
Judge Paul Gardephe granted Stillman’s request and set the next hearing date for June 5. Gardephe also said he would set a trial date at that time.