Son Half Of Father/Son Insider Trading Duo Found Guilty

Sean Stewart is not having a great day.
Getty Images

Getty Images

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]


Women Who Insider Traded On Shared Boyfriend's Behalf Somehow Found Not Guilty

Jessica Mang, who traded material non-public information based on tips obtained by her Mizuho investment banker boyfriend, Thomas Ammann, because he promised to take her on vacation afterward and also because she thought his entrusting her with such a high level task was a sign he wanted to get serious, was cleared by a jury today, as was Christina Weckwerth, Thomas Ammann's other girlfriend/execution trader.