Victorious Pre-Trial Ruling in Wall Street Investment Banker Insider Trading Case

Victorious Pre-Trial Ruling in Wall Street Investment Banker Insider Trading Case

  

Fried Frank is representing Sean Stewart, a former Wall Street investment banker at J.P. Morgan and Perella Weinberg, in connection with insider trading charges brought by the US Attorney's Office for the Southern District of New York. Mr. Stewart was previously convicted of insider trading under different counsel, for allegedly “tipping” his father with confidential health care company merger information before the deals were publically announced. The case, commonly reported on as the “Silver Platter” case, was heavily covered by the press, and was the first post-Newman insider trading conviction for Southern District of New York prosecutors. However, in November 2018, the US Court of Appeals for the Second Circuit vacated the conviction on the basis that the district court improperly excluded certain potentially exculpatory evidence. Mr. Stewart retained Fried Frank in December 2018 for the retrial in the Southern District of New York. On September 6, 2019, the Fried Frank team argued for and victoriously secured a ruling to have a crucial piece of evidence used by the prosecutors against Mr. Stewart in the first trial -- an alleged co-conspirator statement containing the entirety of the “silver platter” evidence -- excluded from the retrial. The retrial is scheduled to start on September 9.

The Fried Frank team is led by litigation partners Steven M. Witzel and Lawrence Gerschwer and includes litigation associates Leigh G. Rome and R. David Gallo.
 
To view an article on the recent decision, please click on the following links: Forbes, Law360 and Bloomberg. Additional coverage on Mr. Stewart's case is provided here: Law360 and Forbes.

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