A former managing director at Perella Weinberg Partners was convicted of insider trading for tipping his father to pending healthcare deals, resulting in more than $1 million in illegal profits.

A jury in Manhattan federal court on August 17 found Sean Stewart guilty on nine counts of securities fraud and other charges after six days of deliberations. The verdict is a victory for the Manhattan US attorney's office after a 2014 appeals-court ruling made it more difficult for prosecutors to prove insider-trading cases.