Father of ex-investment banker avoids prison for insider buying and selling

U.S. District choose Laura Taylor Swain in new york sentenced Robert Stewart, sixty one, at a court docket hearing. She additionally ordered Stewart to forfeit the $150,000 he won from the trading and to do 750 hours of community provider.

earlier than being sentenced, Stewart said he became "humiliated" and time-honored duty for his actions.

Swain stated she would have sentenced Stewart to prison if now not for the "surprisingly extreme" clinical circumstance of his wife, Claudia Stewart, who required his care. The info of her condition had been not mentioned.

"Mr. Stewart is grateful for the possibility to transport ahead together with his existence in a positive manner," Stewart's legal professional, Seth Levine, informed newshounds outside the courtroom.

Stewart became arrested on insider buying and selling fees remaining may additionally and pleaded responsible in August.[L1N10N37E] The plea deal did no longer name for him to cooperate within the case against his son, Sean Stewart, 35, who's also charged with insider buying and selling.

Sean Stewart has pleaded not responsible.

Prosecutors stated Robert Stewart, an accountant, traded on pointers from Sean approximately mergers being worked on at Perella Weinberg and JPMorgan Chase, where Sean labored till 2011.

At JPMorgan, the mergers included INC research Holdings Inc's 2011 acquisition of Kendle international Inc and Apax companions' buyout that yr of Kinetic concepts Inc.

At Perella Weinberg, the offers included Hologic Inc's 2012 acquisition of Gen-Probe Inc, Linde AG's buy of Lincare Holdings Inc that yr, and Becton, Dickinson & Co's deal for CareFusion Corp in October.

Prosecutors said that, after a regulator commenced inquiring approximately Kinetic ideas buying and selling, Robert Stewart arranged to have a enterprise partner, Richard Cunniffe, make trades for a cut of what have become $1.sixteen million in profits.

Assistant U.S. legal professional Brooke Cucinella, a lead prosecutor in the case, stated at Wednesday's listening to that Cunniffe stored most of that money himself.

Cunniffe, an investment banker at Chatsworth Securities LLC, secretly pleaded guilty in March 2015 and agreed to cooperate with government.