The lawyer for a former New York banker accused of illegally funneling corporate merger information to his father told jurors on Wednesday that the father “betrayed” his son by secretly trading on information that came up in their conversations but was never intended as a tip.
In his opening statement in the closely watched insider-trading trial, federal defender Mark Gombiner insisted that Sean Stewart never received a dime from his father’s illegal trading. The argument appeared to be directed toward defeating prosecutors under legal principles set out in a 2014 decision from the U.S. Court of Appeals for the Second Circuit that increased the burden on prosecutors in insider-trading cases.
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