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Ex-Perella Banker’s Insider-Trading Conviction Reversed

Nov. 5, 2018, 2:57 PM

A U.S. appeals court reversed the insider-trading conviction of a former Perella Weinberg Partners LP banker convicted of tipping his father to five health-care mergers.

Sean Stewart was sentenced to a three-year prison term but he was released on bail in June as his appeal moved forward.

Key Takeaways

  • While this ruling is specific to how the trial judge dealt with evidence at the trial, it’s the latest of several setbacks for federal prosecutors in New York after a yearslong crackdown on Wall Street crime that led to some 80 convictions. (A 2014 ruling by the appeals court made it...
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