SAC Capital kingpin Steve Cohen won’t be able to help out his former portfolio manager and alleged inside trader Mathew Martoma, a federal judge ruled Wednesday.
Judge Paul Gardephe denied Martoma’s motion to introduce a deposition of the hedge fund mogul taken May 3, 2012, before regulators.
In the trial underway in Manhattan federal court, the government alleges Martoma received inside information about failing trials on an Alzheimer’s drug from a doctor involved in the process.
Martoma then gave that information to Cohen, who proceeded to sell, then short the stocks, making $276 million in averted losses and profits, it is charged.
Martoma’s lawyers wanted to argue that the deposition showed Cohen was relying on another SAC employee, not Martoma, when he made that trading decision.
Jury selection continues Thursday.