NEW YORK, N.Y. – A New York jury has found a Yale-educated investment banker guilty of insider trading charges resulting from tips he gave his father about mergers and acquisitions.
The verdict in the trial of Sean Stewart was returned Wednesday in Manhattan federal court. Defence lawyers argued that the former executive for JPMorgan Chase & Co. and Perella Weinberg partners LP had no idea when he casually talked about his job that his father would trigger securities trades that made over $1 million.
Prosecutors said evidence made it obvious the son tipped his father intentionally.
Stewart testified he did nothing wrong, though he acknowledged breaking employer rules when he talked openly about secret deals when he was around his family.
His father, Robert, has pleaded guilty and been sentenced to one-year home detention.