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If Former SAC Portfolio Manager Mathew Martoma “doesn’t flip” against SAC Capital Founder Steve Cohen on insider trading allegations, then the federal prosecutors believe that “ they do not have a case against Cohen”, according to a new exclusive report from FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino. Gasparino went on to report that the “statute of limitations on this case is going to run out in the summer.”
Excerpts from the report are below.
On whether SAC Capital Founder Steve Cohen will be indicted for insider trading:
“Here’s what I know, if Martoma doesn’t flip – federal prosecutors believe – and we are getting this from sources close to the investigation, they believe they do not have a case against Cohen. Will he flip, he’s facing twenty two years – we should point out, he hasn’t yet. And they do have a joint defense agreement, SAC and Martoma. And I will say this, this is another thing, in Cohen’s favor, and I don’t know the exact date, but from what I understand the statute of limitations on this case is going to run out in the summer. So if they don’t get Martoma to flip, by the summer, Steve Cohen is likely not to get indicted in this case…this is what I am hearing from people close to the prosecution. If they don’t get him on this, the other cases aren’t that good. The other potential witnesses aren’t that good.”