Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
Remember Frank Perkins Hixon Jr? Former Evercore managing director charged with securities fraud (and lying to the FBI!) after he opened up brokerage accounts in his ex-mistress’s and father’s names and then did a little insider trading in them to the tune of $700,000 in ill-gotten gains? Told a judge that he did it in order to stay connected with Destiny Wind Robinson, with whom he fathered a child, as she would not accept cash but was okay with investment ideas? A judge has sentenced him to two-and-a-half years, which would’ve been longer had it not been for the other woman in his life (AKA his wife) asking for leniency on his behalf.
At his sentencing today in Manhattan federal court, Hixon’s wife Marguerite Lammot Lee said his trading was intended to ensure that he remained in contact with his daughter, and wasn’t motivated by greed, or to conceal the child from her. “Isolation from us now set the process back, and imposes a further burden on us who’ve suffered most here,” Lee said. “We’ve achieved so much, but there is still, there is still so much to do,” she added. “I respectfully ask that in your decision, you allow him and you allow us to continue that process.”
Hixon, whose voice broke with emotion during a 20 minute statement to the judge, apologized for his crimes. He said he’d done trading in the brokerage account of the child’s mother, Destiny Robinson, as a way of giving her money after she began to reject his child support checks in late 2011. Hixon said he traded on information from pending deals as a way of maintaining a connection with Robinson, fearing she’d bar him from seeing his young daughter. “We talked about the markets, and we talked about stocks and companies and things like that, it was one of the ways we had always connected,” Hixon said. “In my desperation and not knowing what to do, I did the wrong thing. I did a stupid thing.”
In a turn of events that should probably come as a surprise to exactly no one, Evercore declined to comment re: FPH Jr., rather than telling reporters “This was an isolated incident by a rogue employee. We have a firm policy that states insider trading, even in a misguided attempt to curry favor with one’s ex-mistress, is strictly prohibited.”