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The Journal Gazette

Friday, August 01, 2014 2:14 pm

Ex-banker sentenced in NY insider trading case

NEW YORK (AP) A former investment banker who admitted making trades based on inside information to cover child support has been sentenced on New York securities fraud charges to 2 1/2 years in prison.

Frank Perkins Hixon Jr. was sentenced Friday in federal court in Manhattan.

Authorities say Hixon was a senior executive at the Evercore Group investment banking firm when he used the brokerage accounts of an ex-girlfriend in lieu of formal child support payments.

The government says 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 assets.

Authorities say he used his father's brokerage account to generate $710,000 in profits.

Evercore fired Hixon in January after investigating his trades.