US: Ex-JPMorgan banker guilty in insider trading case

A Manhattan federal jury rejected claims by a former high-flying Wall Street executive that he was in the dark about his dad’s illegal trading of several healthcare mergers the banker son was privy to.

A jury of five men and eight women found Sean Stewart guilty on all nine counts, including conspiracy to commit securities fraud and securities fraud.

Stewart, 35, faces a maximum of 165 years in prison, but he will likely be sentenced to under 10 years.

“I’m just devastated,” his mother Claudia said about the verdict.

Stewart, of the Upper East Side, took the stand in his own defense and tried to pin the whole crime on his dad, testifying under oath that while he shared confidential information about pending mergers with his dad, he didn’t know his pop was trading on them.

“My dad made some terrible mistakes. Very terrible mistakes,” the Yale educated banker told the jury. “He used me, and it resulted in the loss of my career and reputation,” he said.

Stewart’s mom — a Seaford, LI.,teacher’s aide — also took the stand to support her son, saying she never witnessed any secretive talk between father and son.

“I’m his mother and his friend. We’re very close,” she told the jury.

The government countered Stewart’s testimony with recorded conversations of dad, Robert Stewart, talking about tips he received from his son, including the time the former JPMorgan banker chided his pop for failing to take action.

Full Content: Market Watch

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