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Ex-Wall Street banker's insider trading conviction overturned
Source: Reuters
BUSINESS NEWS NOVEMBER 5, 2018 / 12:51 PM / UPDATED 6 HOURS AGO
Ex-Wall Street banker's insider trading conviction overturned
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - A divided federal appeals court on Monday overturned the insider trading conviction of a former Wall Street investment banker accused of passing tips about five mergers in the healthcare industry to his father, and ordered a new trial.
In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals said Sean Stewart, who worked at JPMorgan Chase & Co (JPM.N) and Perella Weinberg Partners, should have been allowed to challenge a crucial piece of evidence, a recorded conversation between his father and a friend who was cooperating with prosecutors.
The Manhattan-based appeals court had in June released Stewart, 37, from prison after just one year of his three-year sentence, signaling he would likely to win a reversal, new trial or lesser sentence. It had heard his appeal in February.
A spokeswoman for U.S. Attorney Geoffrey Berman in Manhattan declined to comment.
-snip-
Ex-Wall Street banker's insider trading conviction overturned
Jonathan Stempel
3 MIN READ
NEW YORK (Reuters) - A divided federal appeals court on Monday overturned the insider trading conviction of a former Wall Street investment banker accused of passing tips about five mergers in the healthcare industry to his father, and ordered a new trial.
In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals said Sean Stewart, who worked at JPMorgan Chase & Co (JPM.N) and Perella Weinberg Partners, should have been allowed to challenge a crucial piece of evidence, a recorded conversation between his father and a friend who was cooperating with prosecutors.
The Manhattan-based appeals court had in June released Stewart, 37, from prison after just one year of his three-year sentence, signaling he would likely to win a reversal, new trial or lesser sentence. It had heard his appeal in February.
A spokeswoman for U.S. Attorney Geoffrey Berman in Manhattan declined to comment.
-snip-
Read more: https://www.reuters.com/article/us-usa-insidertrading-stewart/ex-wall-street-bankers-insider-trading-conviction-overturned-idUSKCN1NA25D