Father and son charged in insider trading case
Source: Associated Press
Father and son charged in insider trading case
By LARRY NEUMEISTER, Associated Press | May 14, 2015 | Updated: May 14, 2015 7:41pm
NEW YORK (AP) — An investment banker at a Manhattan firm and his father were charged in court papers unsealed Thursday with using inside information to earn over $1 million illegally by trading in securities of five health care companies.
The charges including conspiracy and securities fraud were contained in a criminal complaint unsealed in Manhattan federal court against 34-year-old Sean Stewart and his 60-year-old father, Robert. Sean Stewart, a Manhattan resident, is a managing director at Perella Weinberg Partners LP.
Federal prosecutors, consistent with a policy that often leads them not to identify financial institutions when employees are arrested, did not identify the firm. But the firm said in a statement it was cooperating with prosecutors.
"Today's charges against an employee of the firm alleging insider trading activity are unprecedented in our history," Perella Weinberg Partners said. "The described rogue behavior, if true, violates not just the law, but our principles, our culture and the strict policies and procedures we have in place to protect our clients."
Read more: http://www.chron.com/news/crime/article/Father-and-son-charged-in-insider-trading-case-6264526.php
