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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Former Investment Banker Gets 3 Years in Prison for Insider Trading - SEC
[Image: Insider Trading / insidermoney.com]
Former investment banker Sean Stewart was sentenced to 3 years in prison by Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York. Stewart had been criminally charged on 5/14/15, arising out of the same conduct alleged by the SEC in its civil complaint.
As per the SEC's complaint, …. in a scheme spanning at least 4 years, Sean Stewart illegally tipped his father, Robert Stewart, about future M&A deals involving clients of 2 investment banks where Sean Stewart worked. His father, a CPA, allegedly cashed in on the tips by placing and directing highly profitable securities trades ahead of the public announcement of these corporate transactions, generating about $1.1 million in illicit proceeds. The father pled guilty on 8/12/15 to conspiracy to commit securities fraud. One year later, Sean Stewart was convicted of insider trading and related charges.
The SEC seeks disgorgement of ill-gotten gains, civil penalties, and an officer and director bar against Robert Stewart.