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Son Half Of Father/Son Insider Trading Duo Found Guilty

Sean Stewart is not having a great day.
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Remember Sean and Bob Stewart? The former an ex-Perella Weinberg banker who prosecutors alleged passed the his father, the latter, material non-public information about upcoming mergers, which Daddy Stewart then used for fun and profit, as did his buddies Richard Cunniffe and Mark Boccia? Sean Stewart's lawyers argued that any info his father obtained was in the course of standard father/son conversations about work and was never meant to be used for illegal trades. The government argued that recordings of Robert- made by cooperating witness Cunniffee- recounting an incident in which Sean supposedly reamed his dad out for failing to make a certain trade undermine that claim. Unfortunately for Stewart the Younger, a jury has gone with prosecutors' version of the events.

Sean Stewart, 35, was convicted of tipping his father to five health-care mergers he learned about at Perella Weinberg and previously at JPMorgan Chase & Co. 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...Stewart is scheduled to be sentenced Feb. 17 and faces as long as 20 years in prison on the most serious charge.

Ex-Perella Banker Convicted of Tipping Dad on Health Mergers [Bloomberg]


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.

Feds Crack Cunning Golf-Based Insider-Trading Code

Robert and Sean Stewart know what we're talking about.