A former JP Morgan and Wall Street investment banker has been convicted for the second time on a charge of insider trading.
A federal jury in New York convicted Sean Stewart of securities fraud and conspiracy, three years after he illegally tipped off his father, enabling him to trade on the back of health care merger deals in the US.
Sean Stewart on Monday was again convicted of insider trading over a purported scheme to leak confidential information about health care company mergers for his father to trade on.
More than three years after Sean Stewart first stood trial on charges stemming from his purported illegal tipping off of his father, Robert Stewart, about health care industry deals he was again found guilty of securities fraud and conspiracy. Both Sean Stewart and his father pleaded guilty.
The court said that the tips between 2014 and 2017 yielded $1.16m in profits for Robert Stewart and an associate.
Manhattan U.S. Attorney Geoffrey Berman said, "Today's verdict, which comes after the Second Circuit reversed Stewart's original conviction, shows that this office and our law enforcement partners at the FBI will persevere to achieve justice."
Sean Stewart is due to be sentenced on 23 January.
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