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Former Investment Banker Gets 3 Years in Prison for Insider Trading - SEC
[Image: Insider Trading / insidermoney.com]
Former investment banker Sean Stewart was sentenced to 3 years in prison by Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York. Stewart had been criminally charged on 5/14/15, arising out of the same conduct alleged by the SEC in its civil complaint.
As per the SEC's complaint, …. in a scheme spanning at least 4 years, Sean Stewart illegally tipped his father, Robert Stewart, about future M&A deals involving clients of 2 investment banks where Sean Stewart worked. His father, a CPA, allegedly cashed in on the tips by placing and directing highly profitable securities trades ahead of the public announcement of these corporate transactions, generating about $1.1 million in illicit proceeds. The father pled guilty on 8/12/15 to conspiracy to commit securities fraud. One year later, Sean Stewart was convicted of insider trading and related charges.
The SEC seeks disgorgement of ill-gotten gains, civil penalties, and an officer and director bar against Robert Stewart.
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