Never imagining his dad would trade on the information, former Perella Weinberg Partners investment banker Sean Stewart told his father about his work on a pending merger - but only because he was so busy he thought he might have to postpone his wedding.
Bloomberg News reports that Stewart made the claim Thursday, testifying in a high-stakes bid to convince a Manhattan jury he didn’t pass illegal tips on five health-care mergers to his accountant dad, Bob Stewart. Whether the jurors believe him may decide his fate in a trial over his alleged misuse of inside information he learned at JPMorgan and Perella Weinberg.
Stewart, a JPMorgan vice president at the time, told jurors that work on Kendle International’s 2011 acquisition by INC Research presented “a unique opportunity” with increased responsibility and contact with the client, but that it was contributing to family stress over the wedding arrangements.
His testimony followed the government’s presentation of witnesses, including Richard Cunniffe, a former friend of the elder Stewart, who testified the two men traded on the tips to make about $1m, most of which went to Cunniffe.
To access the complete Bloomberg News article hit the link below: