by Matthew Goldstein
Mathew Martoma was sentenced to nine years in prison on Monday for carrying out one of the biggest insider trading schemes on record in 2008 when he was working as a portfolio manager at Steven A. Cohen’s former hedge fund, SAC Capital Advisors.
The sentence was in line with what the government was seeking. Prosecutors working for Preet Bharara, the United States attorney for the Southern District of New York, had asked for a prison term of eight years or more for Mr. Martoma, who was convicted in February by a federal jury in Manhattan. Mr. Martoma’s lawyers had simply asked Judge Paul G. Gardephe to show mercy and sentence him to a significantly shorter term.
In handing down the sentence, Judge Gardephe said, “The sums here are staggering and the size of the punishment must be sufficient to deter others.”
Mr. Martoma was also ordered to forfeit a $9.38 million bonus he earned while working at SAC in 2008.
Mr. Martoma was silent during the sentencing hearing. His wife, Rose, seated in the front row, could be seen wiping her eyes at times.
Hours before the sentencing hearing was scheduled to begin in a Lower Manhattan courtroom, Judge Gardephe indicated his thinking about Mr. Martoma’s sentence for making illegal trades in shares of two drug companies, Elan and Wyeth.
The judge said in a 25-page decision issued Monday morning that it was appropriate for him to consider all of the $275 million in profits and avoided losses made both by Mr. Martoma and his former boss. Judge Gardephe noted that while prosecutors did not name Mr. Cohen as a co-conspirator, the evidence at trial proved that Mr. Martoma “provided inside information to Cohen and this information was the basis for Mr. Cohen and SAC Capital’s subsequent trades in Elan and Wyeth securities.”
I was doing some research on natural gas for my energy trading classes when I stumbled across this video. This is a CNN Special Investigation Units Report explaining how identity theft, check fraud, and scams work so you can better protect yourself against them in the future.
A friend of mine just told me that I used to walk around U.C. Berkeley's math department singing this Bobby Caldwell song. I guess I was in my own little math geeky world - oblivious to the fact that I was disturbing the peace. LOL!
Bobby Caldwell has what is known as blue-eyed soul. Enjoy!
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by Chad Shoop
...the U.S. Energy Information Administration (EIA) believes the risk of oil is to the upside. They have a low-range price of oil at $75 by 2040. Its high range … is $237 per barrel. Considering the price of oil was $110 when they made these determinations, this range represents a 30% swing to the downside or a 110% curve to the upside...
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