Ex-Wall Street Banker Gets 3 Years for Insider Trading

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A former Wall Street banker and North Merrick native was sentenced Friday to three years in federal prison for insider trading for tipping off his father and a co-defendant to information about five health care company mergers and acquisitions before they were publicly announced.Sean Stewart, 35, the former vice president in the Healthcare Investment Banking Group at JP Morgan Chase, was convicted last year of insider trading and other charges following a trial at Manhattan federal court.“As proven at trial, Sean Stewart used his position as an investment banker to feed confidential inside information about clients to his father so that he could profit illegally from well-timed trades,” said Preet Bharara, the U.S. Attorney for the Southern District of New York.Prosecutors said Stewart tried to cover-up his scheme, which earned his father Robert Stewart, and colleague Richard Cunniffe more than $1 million, beginning in 2011.Stewart asked for Cunniffe to help in the scheme after Sean was concerned that Robert was “too close to the source,” authorities said. Cunniffe agreed, and also bought stocks based on the information, according to investigators. Cunniffe later became a cooperating witness for the prosecution.Judge Laura Taylor Swain also sentenced Sean to three years of supervised release, which includes one year of home detention. She will set a restitution amount at a future date.Robert pleaded guilty in 2015 to conspiracy to commit securities fraud and fraud in connection with a tender offer. He was sentenced to four years of probation, with the first year to be served in home detention and $150,000 in forfeiture.Cunniffe pleaded guilty in 2015 to conspiracy to the same charges as Robert, plus charges of conspiracy to commit wire fraud and securities fraud.last_img read more

Bahamas first!

first_imgBahamas minister of labor Dion Foulkes Foreigners to take back seat in bid for local jobsNewly- installed Prime Minister Dr Hubert Minnis has issued a directive that Bahamians must fill all available posts before any consideration is given to foreigners.Minister of Labor Dion Foulkes has acted on the order and made it clear that he has already been “very strict” in approving labor certificates for work permits and has denied or deferred several applications since taking office just over two weeks ago.“The Prime Minister has given me directions to ensure that no foreigner gets a permit where there is a Bahamian available to do the job,” Foulkes said while speaking on a local radio talk show yesterday.Noting the Bahamas has “a serious unemployment problem”, Foulkes was adamant there would be no backing down from implementing the policy.“Wherever there is a Bahamian who is qualified to do the job and a foreigner or an expat is applying for that position, we will refuse the application,” he insisted.He cited a recent case where a work permit request from a hotel was turned down because there were unemployed Bahamians qualified to fill the post.“We had an application from a major hotel for a food and beverage director. I declined it, because there are Bahamians who are trained in food and beverage in this country who are unemployed and we know who they are and we are sending some of them to that hotel to be interviewed,” the minister said.Foulkes expressed concern that some companies were trying various tactics to bypass the rule, charging that some had set unfair criteria to deter Bahamians.“For example, say you want a front desk manager at one of the hotels, but (the candidate) must be fluent in four languages. That’s absolutely ridiculous. What that means is they have somebody at their head office who speaks four languages and they want to bring them to Nassau.”He disclosed that where special skills were required, the employer must identify a Bahamian who has skills in that area to train for the post, to eventually take over from the foreign worker.last_img read more

UKGC data reveals ‘notable recovery’ for sports betting

first_img Successful summer leaves Leadstar positive over industry’s recovery August 18, 2020 Related Articles Submit Gambling.com maintains momentum against COVID-19 impacts August 19, 2020 Share StumbleUpon GambleAware data finds stigma to be key barrier to treatment for women July 16, 2020 Share Data from the UK Gambling Commission has revealed a ‘notable recovery’ in sports betting revenues during May, which has been partly attributed to the return of the German Bundesliga and other top-flight leagues.The data, collected from the largest online operators and the YouGov Covid-19 tracker, built upon data published by the UKGC on 12 May and further data published on 12 June.The return of live sport has driven an increase in betting, with GGY increasing by 64% between April and May. The UKGC statement highlighted: “The seven waves of the YouGov survey conducted from 16 April to 18 June show past-four-week gambling participation has remained relatively stable, within a range of 28-32%.“There has, however, been a notable recovery in sports betting participation, which fell to 1% in wave 9 (6-7 May) but has now risen to 5% in the latest wave (17-18 June). This corresponds with the return of more elite-level sport, including Premier League football.”But despite the uptick in revenues, the data recorded a decrease in the number of overall active player accounts across the majority of verticals – excluding ‘real event’ sports betting, which reported a 13% growth.“Operator data on overall active player accounts indicates a further 1.2% decrease between April and May 2020, with the number of active players down across each of the verticals, excluding real event betting, where the number increased by 13% between April and May.”Betting activity for virtuals appears to have taken a hit as a result of a live sports resumption, with the number of active players falling by 48% between April and May. Online casino players fell by 4%, while online poker players dropped by 11% during the same period.The UKGC statement continued: “Online operator data shows that with the exception of real event betting, there has been a fall in the number of active players for each vertical. Although some of the decreases are relatively small in percentage terms, this is not the case for virtual betting which saw a spike due to the Virtual Grand National in April.”last_img read more