NEW YORK (AP) — A federal appeals court in New York has tossed out an investment banker’s insider trading conviction, saying there were procedural errors at his trial.
Prosecutors must now decide whether to seek a retrial of Yale-educated Sean Stewart.
The 37-year-old Stewart served more than a year of his three-year prison sentence before he was released in June.
A prosecutors’ spokesman had no immediate comment.
A lawyer for Stewart says his defense team is pleased with the ruling.
In its 2-to-1 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan called the Stewart case unusual. It noted Stewart admitted feeding secrets to his father, who along with others earned more than $1 million.
In a dissent, Judge Richard Berman says the evidence against Stewart was overwhelming and his defense feeble.
