Last week we discussed the extreme awkwardness of the insider trading trial of ex-Perella Weinberg banker Sean Stewart, which kicked off Monday. Sean is on trial for allegedly passing material non-public information obtained from his job to his father, Robert Stewart, who then trade on the tips along with a buddy named Richard Cunniffe. The elder Stewart and Cunniffe have already pleaded guilty, making things not look great for Stewart the Younger; even worse is the recording Cunniffee made while acting as a cooperating witness, in which Daddy Stewart claims Sean ripped him a new one for not trading on a certain piece of information served up on a "silver platter." Adding yet another layer of unpleasantness to the next Stewart family reunion? The fact that, according to Sean's lawyers, Robert traded on info he gleaned while having your standard father/son conversations about work and at no time did Sean tell him to use said info for financial gain. And now Bob's got this phrase to embroider on a pillow:
"He ended up betraying his son, as he was weak and foolish and selfish," defense lawyer Mark Gombiner said.