Ex-Wall Street Banker Guilty in Second Insider Trading Trial
Reuters is reporting that former Wall Street investment banker Sean Stewart was found guilty on Monday of insider trading a second time for passing tips about healthcare industry mergers to his father.
“Prosecutors said Stewart, who worked at JPMorgan Chase & Co and Perella Weinberg Partners, passed tips to his father Robert from 2011 to 2015,” reports Reuters’ Brendan Pierson. “They said the tips yielded $1.16 million of profit for Robert Stewart and his friend Richard Cunniffe, to whom he had forwarded some of them.”
Stewart was convicted on the charges in 2017, but an appeals court ordered a new trial. He had served about a year of his three-year sentence.