Elder Half Of Father/Son Insider Trading Duo Avoids Jail Time

Though it'll be a while before Robert Stewart "plays golf" [wink wink] again.
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Remember Robert and Sean Stewart? Father and son who teamed up to use information investment banker Sean obtained from his gigs at JP Morgan and Perella Weinberg to do a little insider trading? Who thought there was no way they'd get caught because of the super secret code they used? Whose crimes irrevocably tainted the photo of Sean and the Mrs. with their bridal party that sits on the mantle? Daddy Stewart recently found out he's getting fitted for an ankle bracelet, but avoided the jumpsuit.

Robert Stewart was sentenced to four years of probation, with the first year under house arrest, and to forfeit $150,000 in ill-gotten gains, according to Manhattan US attorney Preet Bharara’s office. The father and son team used golf-related terms to try to disguise their plan to profit off upcoming health care company mergers, according to prosecutors. “Might have an opportunity to play golf but would need to book the reservation as soon as the office opens Tuesday morning,” Robert Stewart said in one e-mail, according to the initial complaint...The criminal charges, which were first filed last May, were notable for the lengths that Bharara’s office went to show that the son also received a personal benefit, since his father used some of his ill-gotten gains to pay for his son’s wedding photographer.

Father of investment banker dodges jail for insider trading [NYP]

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