Suspect in insider trading fraud released on bail
Source: WT
A former hedge fund portfolio manager accused of enabling a quarter of a billion dollars in profits by passing along inside information in one of the largest insider trading fraud cases in history appeared in a Manhattan court for the first time Monday and was released on $5 million bail, though his movements were restricted.
Mathew Martoma, 38, of Boca Raton, Fla., was read his rights by U.S. Magistrate Judge James Cott, who agreed to impose a bail package that prosecutors and Mr. Martoma’s lawyers had worked out after his initial court appearance in Florida last week. He had been free on $5 million bail in Florida as well. Mr. Martoma must post $2 million in cash or property by next week to satisfy the new bail requirements, which will limit his travel to New York, New Jersey, Florida and Massachusetts.
Mr. Martoma was arrested last week on charges that between 2006 and 2008, he helped to engineer one of the largest insider trading frauds in history. Mr. Martoma worked with CR Intrinsic Investors, an affiliate of SAC Capital Advisors. SAC is owned by Steven A. Cohen, one of the world’s richest men.
His court appearance lasted only 12 minutes and he was not required to enter a plea, since an indictment has not been returned. Prior to the hearing, he sat in the spectator section with his wife and lawyers until his case was called.
Read more: http://www.washingtontimes.com/news/2012/nov/26/suspect-in-insider-trading-fraud-released-on-bail/
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His court appearance lasted only 12 minutes and he was not required to enter a plea, since an indictment has not been returned. Prior to the hearing, he sat in the spectator section with his wife and lawyers until his case was called.
If that were a non-elite criminal, his ass would be standing, in shackles, until his case was called. Fuck this.
Two sets of "laws" in America. One set for the elite (practically no accountability) and for the rest of us....: 0% tolerance...guilty until proven innocent.
Hell yes, if he was a bank robber and stole a couple of thousand dollars, he would be treated worse than a murderer.
Damn, I get so sick of this shit. It makes you want to incorporate and steal everyones money (especially those who can't afford it), no worries...got the stolen money? It'll cost you pennies on the dollar to get out of it.
