The defence lawyer for a former Wall Street investment banker charged with giving his father inside information insisted on Wednesday that his client had no intention of conveying trading tips while discussing his work.
Reuters reports that defence lawyer Mark Gombiner told jurors in Manhattan federal court that Sean Stewart, who worked at Perella Weinberg Partners and JPMorgan, never intended to help his father trade ahead of five unannounced mergers.
Instead, Gombiner said Robert Stewart, the banker's father, overlooked the trust his son placed in him and worked with another man to make over $1m executing trades based on company names his son mentioned while discussing his work.
"He ended up betraying his son, as he was weak and foolish and selfish," Gombiner said in his opening statement.
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