Investment banker's dad escapes jail for insider trading

Prison Bars

A Long Island dad of a Wall Street investment banker escaped jail time on Wednesday for his involvement in a four-year, $1m insider trading scheme with his son.

The New York Post reports that Robert Stewart was sentenced to four years of probation, with the first year under house arrest, and to forfeit $150,000 in ill-gotten gains, according to Manhattan US attorney Preet Bharara’s office.

The father and son team used golf-related terms to try to disguise their plan to profit off upcoming health care company mergers, according to prosecutors.

“Might have an opportunity to play golf but would need to book the reservation as soon as the office opens Tuesday morning,” Robert Stewart said in one e-mail, according to the initial complaint.

To access the complete New York Post article hit the link below:

Father of investment banker dodges jail for insider trading

MetLife fined $25M in ‘too-big-to-fail’ fight

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts