Securities Law News

Nobody Is That Lucky, Prosecutor Tells Insider-Trading Jury (1)

Sept. 18, 2019, 3:16 PM

For anyone to successfully trade five times in a row on health-care mergers, they need inside information, a prosecutor told a jury in the retrial of former Perella Weinberg Partners LP managing director Sean Stewart.

“Winning the lottery once takes astronomical odds, winning it five times -- that doesn’t happen,” Assistant U.S. Attorney Samson Enzer said in his closing argument Tuesday.

Stewart is on trial accused of tipping his father -- Bob -- about pending mergers. While Bob and two associates pocketed $1.1 million from trades on the information, Sean didn’t get any of the profit. The jury will...

To read the full article log in. To learn more about a subscription click here.