Bloomberg News reports that Sean Stewart, 35, was convicted of tipping his father to five health-care mergers he learned about at Perella Weinberg and previously at JPMorgan. In convicting Stewart on all nine counts, the jurors rejected claims that he’d been betrayed by his father, who lied to him about trading off inside information.
“It was very unfair,” Claudia Stewart, Sean’s mother, said after the jury of eight men and four women delivered their verdict in Manhattan federal court on Wednesday. “You have to know how devastating this is right now.”
The conviction signals that prosecutors haven’t been totally hobbled by a 2014 appeals court ruling that requires more from the government to prove insider trading. After that decision, which reversed the trial conviction of two traders, prosecutors dropped charges against a dozen others.
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