Monday, August 15, 2016

Sean Stewart convicted of insider trading

UPDATE: Sean Stewart convicted on all counts.

A jury ended its first week of deliberations Friday apparently deadlocked on at least one of the counts charging a Long Island-reared investment banker with illegally passing his father insider trading tips worth $1.1 million.

AUSA McCallum examines FBI witness with jury seated left, Sean Stewart far right. 7/28/16 Artwork by Aggie Kenny

 Halfway into the fourth day of deliberations, the foreperson sent a note Friday to the judge saying that a unanimous verdict “may not likely happen” on each of the nine counts against Sean Stewart, 35, formerly of North Merrick.

Sean Stewart testifying in his own defense, Federal Defender Martin Cohen at podium representing Mr Stewart. Artwork by Elizabeth Williams

Sean Stewart’s father, Robert Stewart, 61, of North Merrick, has admitted profiting from information about pending mergers and acquisitions about which his son knew inside information because he was an investment banker on the deals.
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Sean Stewart faces up to 20 years in prison if convicted.
The jury’s note, sent out shortly after noon, said, “If the jury is at an impasse on a particular count, which we cannot resolve, does that mean that we have to render a not-guilty verdict, as the government has not met its burden of proof for some of the jurors? Or do we render a ‘no decision’ vote? There is no option on the verdict sheet for a ‘no decision’ option. Do we continue to deliberate until we come up with a unanimous decision, which may not likely happen?”

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