Ex-SAC Capital Advisors LP portfolio manager Mathew Martoma lost a bid to remain free while he fights a conviction for perpetrating the most lucrative insider trading scheme in US history, as a federal judge expressed doubt that his appeal will succeed.
Martoma is scheduled to begin his nine-year prison sentence on November 10. US District Judge Paul Gardephe in Manhattan, in rejecting the request for bail, said the hedge fund manager failed to show that his appeal raised issues likely to get a reversal of the jury verdict by the US Court of Appeals. Gardephe called the evidence presented at trial "overwhelming."
