Securities Law News

Ex-Perella Banker’s Insider Retrial Gets Tougher for U.S. (1)

Sept. 13, 2019, 12:00 PMUpdated: Sept. 13, 2019, 8:39 PM

The insider-trading retrial of Perella Weinberg Partners LP’s former managing director Sean Stewart is getting tougher by the day for U.S. prosecutors.

First, they lost their smoking gun -- an undercover recording that was the centerpiece of the case and helped them win a conviction in an earlier trial. Now, their argument that Stewart violated company confidentiality rules is being challenged by the judge, who told prosecutors that might not be enough.

“A violation of an internal rule is not the same as a violation of the law,” U.S. District Judge Jed Rakoff said this week in court, when...

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