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No verdict after 5 days of deliberations in insider trading case

Sean Stewart leaves a federal courthouse in Manhattan

Sean Stewart leaves a federal courthouse in Manhattan after the third day of deliberations in his trial on Thursday, Aug. 11, 2016. Stewart is accused of passing tips about health care mergers to his father, Robert Stewart. Credit: Charles Eckert

The jury in the insider trading trial of Long Island-raised former investment banker Sean Stewart completed its fifth day of deliberations without a verdict on Tuesday in Manhattan federal court.

Stewart, 35, of New York City, who grew up in North Merrick, is charged with passing tips to his father, accountant Robert Stewart, 61, of North Merrick. The father pleaded guilty, but did not testify at his son’s two-week trial.

Sean Stewart, who worked at JPMorgan Chase & Co. and Perella Weinberg Partners, claims his father exploited information learned in casual talks and traded without his son’s knowledge. Robert Stewart and an associate made nearly $1 million from the trading.

Last Friday, in a note, jurors suggested they might be deadlocked on one of nine counts of conspiracy and securities fraud, and were told they could return a partial verdict.

But on Tuesday, their first day of deliberations this week, jurors told U.S. District Judge Laura Swain they would be unable to deliberate next Monday and Wednesday, suggesting that verdict may not be imminent.

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