‘Foolish Man’
McCallum told jurors that if Sean Stewart, a Yale University graduate and successful investment banker, told the truth about not knowing his father was trading on the details of the deals they discussed, he would have to be "a naïve, foolish man."
McCallum called the idea "ridiculous," telling jurors Sean is instead "remarkably polished."
Martin Cohen, a lawyer for Stewart, told jurors that his client was victimized by his father.
"How could a father do what Robert Stewart did here to Sean Stewart?" he asked. "He never intended his father would take that information and trade on it."
Cohen said the father merely picked up company names from conversations with Sean, knowing that his son specialized in healthcare mergers. Cohen said the government’s star witness, Bob’s friend and trading partner, Richard Cunniffe, lied when he implicated Sean Stewart in the insider-trading conspiracy.
Swain said jurors will begin deliberating tomorrow after she instructs them on the law that applies to the case.
The case is U.S. v. Stewart, 15-cr-00287, U.S. District Court, Southern District of New York (Manhattan).