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SAC's Matthew Martoma Found Guilty On All Charges

Tyler Durden's picture




 

And so the most lucrative insider trading case in history has just resulted in a criminal conviction.

  • EX-SAC FUND MANAGER MARTOMA FOUND GUILTY OF INSIDER TRADING
  • MARTOMA CHARGED IN MOST LUCRATIVE INSIDER SCAM IN U.S. HISTORY
  • EX-SAC FUND MANAGER MARTOMA FOUND GUILTY ON ALL CHARGES
  • MARTOMA ACCUSED OF ILLEGAL TRADES TIED TO ALZHEIMER'S DRUG

Hopefully Steve Cohen's alleged hush money which bought Martoma's allegiance and silence will be worth it (and still there upon release) to make Martoma's stay in Federal pound me in the ass prison - up to 25 years - more pleasurable.

And some tweets from the regulators:

 

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Thu, 02/06/2014 - 15:25 | 4408648 obejoyful
obejoyful's picture

He went from a top dog to a bottom bitch.

Thu, 02/06/2014 - 15:29 | 4408662 clooney_art
clooney_art's picture

25 years of prison will probably be worth it considering the madness envisioned for the future outside protective buildings. If all it takes is some ass pounding, Martoma is one lucky dude.

Thu, 02/06/2014 - 15:38 | 4408706 redpill
redpill's picture

The term scapegoat has Biblical origins, the ancient Israelites would pick a random goat and send it out into the wilderness, condemning it to almost certain death in order to cleanse themselves of sin.  Wall Street certainly has not forgotten the practice.

Thu, 02/06/2014 - 15:40 | 4408713 alien-IQ
alien-IQ's picture

Why does the origin of that term not surprise me?

Thu, 02/06/2014 - 15:50 | 4408761 redpill
redpill's picture

Free Jon Corzine!!!

Thu, 02/06/2014 - 15:53 | 4408772 alphamentalist
alphamentalist's picture

prisoners are people, too. i am sure they all would love to have a hedgefund manager for a boyfriend. 

Thu, 02/06/2014 - 15:54 | 4408786 redpill
redpill's picture

Time to bust out the unpublished chapter from the Kama Sutra on prison showers!

Thu, 02/06/2014 - 15:59 | 4408810 James_Cole
James_Cole's picture

Just me, or does his wife look a wee bit too happy?

http://online.wsj.com/news/articles/SB1000142405270230349680457936705356...

Thu, 02/06/2014 - 15:40 | 4408709 Divided States ...
Divided States of America's picture

While the ringleader Steven Ass Cohen is still around somewhere benefiting from more insider trading. Its great when the legal system works for you.

Thu, 02/06/2014 - 15:47 | 4408741 redpill
redpill's picture

And to think this Indian chap thought he was part of the old boys club this whole time. Sorry "Matt" they don't serve curry at the country club!

Thu, 02/06/2014 - 15:52 | 4408750 Renfield
Renfield's picture

Speaking of that club, another bankster bites the dust:

http://www.silverdoctors.com/4th-banker-in-past-week-found-suicided

Club shrinking all the time!

Thu, 02/06/2014 - 15:49 | 4408751 Divided States ...
Divided States of America's picture

Yeah I wouldnt want to be a dark complexion guy working on Wall Street....they always end up taking it for the 'J'-team.

Thu, 02/06/2014 - 18:23 | 4409397 Larry Dallas
Larry Dallas's picture

Ha! Between this guy, Raj and the GS Board Member, its not been a winning streak for Hindu's lately trying to 'make face'... Don't be too aggressive, my punjab friends!

Thu, 02/06/2014 - 16:14 | 4408855 Overfed
Overfed's picture

25 years of ass pounding? Sheeit. He'll prolly do less than two years in minimum security. And when he gets out, have a load of cash, a hot hooker, and full ounce of blow waiting for him.

Thu, 02/06/2014 - 16:24 | 4408883 El Hosel
El Hosel's picture

..... Cash, Blow,Hooker, Hot load

Thu, 02/06/2014 - 16:24 | 4408879 El Hosel
El Hosel's picture

.... Butt Bitch, Bitchez.

Thu, 02/06/2014 - 15:26 | 4408652 Dr. Engali
Dr. Engali's picture

"to make Martoma's stay in Federal pound me in the ass prison - up to 25 years - more pleasurable.."

 

I don't know, that ass clown might like it.

Thu, 02/06/2014 - 15:29 | 4408668 -.-
-.-'s picture

"...to make Martoma's stay in Federal pound me in the ass prison - up to 25 years - more pleasurable." 

 

http://www.forbes.com/2006/04/17/best-prisons-federal_cx_lr_06slate_0418...

 

Let us not entirely forget the reality of Justice today

Thu, 02/06/2014 - 15:28 | 4408654 Iam Yue2
Iam Yue2's picture

Alzheimers ....oh the irony.

Thu, 02/06/2014 - 15:29 | 4408667 Mercury
Mercury's picture

Especially since they printed the same headline twice...

Thu, 02/06/2014 - 15:31 | 4408666 buzzsaw99
buzzsaw99's picture

Tire tracks all across your back. I can see you had your fun. [/Crosstown Traffic]

Thu, 02/06/2014 - 15:35 | 4408683 Major Major Major
Major Major Major's picture

He should have been a congressman

Thu, 02/06/2014 - 15:38 | 4408694 alien-IQ
alien-IQ's picture

I smell a well timed "heart attack" followed by a closed casket funeral and a new Bahamian citizen with a fat bank account.

Right out of the Ken Lay playbook.

Thu, 02/06/2014 - 16:09 | 4408846 NotApplicable
NotApplicable's picture

I take it you haven't seen a picture of him? (hint: he's brown)

Thu, 02/06/2014 - 15:39 | 4408698 Silver Bullet
Silver Bullet's picture

He'll be out in 18 months with a suitcase loaded up with $250M from a most grateful Stevie Cohen.

Thu, 02/06/2014 - 15:43 | 4408719 JustObserving
JustObserving's picture

Meanwhile, the top dog and top criminal, Steven A Cohen, gets to keep his stolen billions:

Make no mistake, though: this could still be a sweet deal for Cohen, who set up shop twenty years ago with just twenty-five million dollars under management. Assisted by a battalion of high-priced lawyers, he has reached a “global resolution” with the Justice Department that allows him to keep the bulk of the vast fortune—some nine billion dollars, according to the New YorkTimes—that he made running a firm at which insider trading was “substantial, pervasive and on a scale without known precedent in the hedge fund industry.” And, at least for now, Cohen won’t face any criminal charges or the prospect of any jail time.

http://www.newyorker.com/online/blogs/johncassidy/2013/11/has-steven-a-c...

Thu, 02/06/2014 - 20:40 | 4409972 disabledvet
disabledvet's picture

what's meant by the term "known precedent"?
this District Attorney is 49 for 49.

Here's his picture in case you all think this is all about "shenanigans":
http://en.wikipedia.org/wiki/Preet_Bharara

this guy is the real deal
banned from Russia: http://en.wikipedia.org/wiki/Magnitsky_Act

we'll see how far this investigation goes.
with 400 million stolen from Target should be interesting to see if Congress gets down to the cold hard business of protecting retail's savings accounts.

Thu, 02/06/2014 - 15:47 | 4408745 Smuckers
Smuckers's picture

With the swing of a gavel, he goes from lucrative to lubricate.

 

Thu, 02/06/2014 - 15:50 | 4408755 -.-
-.-'s picture

<iframe width="420" height="315" src="//www.youtube.com/embed/S8K31tTV554" frameborder="0" allowfullscreen></iframe>

 

3min&08seconds-N

Thu, 02/06/2014 - 15:57 | 4408780 El Hosel
El Hosel's picture

Too bad, SAC is not too big to Jail.... Under the wrong umbrella and wearing the wrong cuff links.

Thu, 02/06/2014 - 15:53 | 4408769 Randoom Thought
Randoom Thought's picture

One wonders how much money it takes to make getting pounded in the ass for 25 years day and night worth it?!? maybe he could get to like it. Maybe he already does.

However, isn't the president/ceo of a company responsible for all of the actions of his employees? If Stevie was a mensch he would substitute his ass for Matthew's at least on every alternate Thursday.

Thu, 02/06/2014 - 15:52 | 4408773 yogibear
yogibear's picture

He must have pissed-off bigger financial criminals.

Thu, 02/06/2014 - 16:03 | 4408831 NOZZLE
NOZZLE's picture

Free Blago

Thu, 02/06/2014 - 16:05 | 4408836 moneybots
moneybots's picture

How can he be convicted when there is equal justice under law?  No banker is in prison.  He is no more guilty than the bankers are.

Thu, 02/06/2014 - 16:06 | 4408838 kchrisc
kchrisc's picture

"Punish the goy, let the 'tribe' member go." Or was that monkey and organ grinder? I'm not sure.

 

"Guillotines say, bankster, that's what's for dinner."

Thu, 02/06/2014 - 16:07 | 4408847 TrustWho
TrustWho's picture

Martoma will go to a Federal MINIMUM security prison like Madoff. I will bet he might get 2 years of actual jail experience and will never be abused. If he wpends time correctly, he might get his PhD.

With that said, nice to get one head. Every good organization needs to take a head every once in awhile.

Thu, 02/06/2014 - 16:21 | 4408864 Tinky
Tinky's picture

I'm just relieved that the marriage is now off. It would have been excruciating to have repeatedly heard tee-vee reports from Maria Bartiromo-Martoma.


Thu, 02/06/2014 - 16:32 | 4408908 RaceToTheBottom
RaceToTheBottom's picture

MW makes a big deal titling that this scumbag is no longer a SAC employee.  Ex SAC employee.....

MW enabler of WS crimes.....

Thu, 02/06/2014 - 16:37 | 4408918 robnume
robnume's picture

I sentence you to be put in the stock - not a market, folks, - you know, the device with which our forefathers used to publicly punish and humiliate you. After a few weeks of daily "stocking", publicly, of course, there will be a tarring and feathering. Unfortunately, this is ususally fatal, so although we love adult participation in this punishment, better leave little Jane and Johnny at home, unless you feel that observing this American tradition would be helpful to you as regards keeping those little ones in line. Admission is free, except for those making $200,000, or more, anually. You must have proof of income, so bring your last paystub with you. 25 years at Club Fed? I'll bet the guy does a buck or a buck and a half, at the most. These people take care of their own, yo.

Thu, 02/06/2014 - 16:49 | 4408948 cougar_w
cougar_w's picture

The guy will turn states evidence, pay a small fine, serve 6 months in the county joint, and after that walk right back into a corner office were the nice secretary with the DDD resume is ever so willing, sir.

No ass-pounding, no losses, no noth'n.

Thu, 02/06/2014 - 17:03 | 4409033 f16hoser
f16hoser's picture

John Corzine lied to Congress under oath. He stold segregated accounts to the tune of >1.4 Billion. Just saying...

Thu, 02/06/2014 - 18:10 | 4409334 besnook
besnook's picture

man, goyim are not to be trusted. not a single jew has been charged or convicted of any of this massive fraud. they must be the only honest people on the street. even madoff was driven by guilt to confess his dishonesty.

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