Ex-banker sentenced in NY insider trading case

Published on NewsOK Modified: August 1, 2014 at 5:58 pm •  Published: August 1, 2014
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NEW YORK (AP) — A former investment banker who admitted making trades based on inside information to cover child support was sentenced on Friday on securities fraud charges to 2 1/2 years in prison.

Frank Perkins Hixon Jr., 55, was sentenced in federal court in Manhattan by Judge Ronnie Abrams. In April, he pleaded guilty to insider-trading and false-statement charges.

Hixon was a senior executive at the Evercore Group investment banking firm between April 2010 and January, when authorities say he used the brokerage accounts of an ex-girlfriend to make illegal profits in lieu of formal child support payments. The ex-girlfriend lived in Austin, Texas, and is the mother of his youngest child.

The government said Hixon generated a $260,000 profit by trading on information he knew because he headed an Evercore team advising on a deal by a liquid storage company to sell off some assets.

Authorities say Hixon also used his father's brokerage account to generate $710,000 in profits. The father lived in Johns Creek, Georgia.

Evercore fired Hixon in January after investigating his trades.

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