Martoma's bid for a new trial denied by court

September 06, 2014 12:14

A bid for acquittal and fresh trial filed by an Indian-origin portfolio manager, convicted for his role in the most lucrative insider trading scheme in US history, has been denied by a court which ruled that evidence in the case "overwhelmingly" showed that he is guilty.

Mathew Martoma, 39, will be sentenced on the scheduled date of September 8 after US District Judge Paul Gardephe denied his motion for a judgement of acquittal and alternatively for a new trial.

Martoma was convicted in February for his role as the "central figure" in one of the most lucrative insider trading schemes in US history.

US Attorney for the Southern District of New York Preet Bharara has said in court papers that Martoma should be handed down a "significant period of imprisonment" that is more than the eight years recommended by the probation department.

Bharara has also asked the court to order Martoma to forfeit his 2008 bonus totalling $9.4 million and pay a separate fine to reflect the "serious offense" committed by him.

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