Sean Stewart, a former Perella Weinberg Partners LP and JPMorgan Chase & Co. investment banker, was again convicted of insider trading, Bloomberg News reported.
Prosecutors had alleged Sean Stewart disclosed information related to five healthcare deals to his father, Robert Stewart, and that the latter, along with two conspirators, profited off of the information from 2011 to 2014. The claims had indicated that Robert Stewart and an associate, Richard Cunniffe, managed to generate about $1.16 million from the trades.
In 2017, Sean Stewart was sentenced to serve three years in prison. He served more than a year before a divided Second Circuit panel ordered him to be released on bail and later on vacated his conviction, Law360 reported. The federal appeals court judge who presided over the second trial had excluded a key piece of evidence — a recording of a conversation between Robert Stewart and Cunniffe recounting how the younger Stewart told his father "I handed you this on a silver platter and you didn't invest in this." The judge said the statement "was not in furtherance of the conspiracy between Robert and Sean Stewart."
However, jurors at the U.S. District Court for the Southern District of New York in the latest decision found Sean Stewart guilty based on phone records and emails that supported prosecutors' claims, Bloomberg News added. The pieces of evidence tallied with what Robert Stewart disclosed to both Cunniffe and another associate, Mark Boccia, who both testified for the government.
Sean Stewart will reappear for his sentence in January 2020, according to the news outlet.
