In court today, where he pleaded guilty, Frank Perkins Hixon Jr. laid out his thinking:
- This wasn’t about avarice, it was about love
- All he was trying to do was set up a nest egg for the woman with whom he had a two year affair, and their love child
- But because his lady friend would not accept cash, he gave her the next best thing, the proceeds from trades based on material non-public information
Hixon said today his trading was intended to ensure he remained in contact with his child, conceived during a two-year extramarital relationship with Destiny Robinson, and didn’t stem from greed. “Mr. Hixon’s actions were a misguided expression of love and support for his younger daughter, whom he desperately feared losing,” his lawyer, William F. Johnson, argued in a July 18 filing in Manhattan federal court. Hixon, who’s scheduled to be sentenced by U.S. District Judge Ronnie Abrams Aug. 1, said his ex-girlfriend wouldn’t accept money from him. So Hixon traded in Robinson’s account based on inside information, he claimed. “Her pride would allow her to accept his investment ideas, but not his checks,” Johnson said in the court filing.
FPHJ did not say whether or not the same explanation holds for his father and/or if he also owed his dad child support.
Hixon was also charged with using inside information to trade in his father’s account.
No further questions.