NEW YORK – An investment banker has acknowledged telling lies that preceded his arrest on insider trading charges.
The testimony Monday by Sean Stewart came shortly before the defense rested at his federal trial in Manhattan.
The Yale-educated banker enjoyed a lucrative career at JPMorgan Chase & Co. and Perella Weinberg Partners LP before his arrest last year. Prosecutors say he tipped his father about five separate merger and acquisition deals. The tips allegedly enabled the father and a stock broker to pocket $1.1 million in illegal profits.
Stewart says he spoke about his work with his father but never imagined his dad would trade illegally.
On cross examination, a prosecutor made him repeatedly acknowledge that he lied when JPMorgan first confronted him about his father's trades.