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The Brazen New York Investment Banker Known as “Perk”
Frank Perkins Hixon Jr is the brazen New York investment banker known as “Perk.” The Former investment banker at Evercore Group Frank Perkins Hixon Jr, according to Bloomberg News, was an Evercore managing director until January, when he was arrested. Frank Perkins Hixon Jr, 55, was charged with insider trading. Insider trading is the act of profiting off of non-public information by those with a fiduciary duty to the company and its shareholders. Perk Hixon was accused of using inside information to arrange trades in the stocks of Evercore and two other companies in accounts that were held by Frank Hixon’s ex-girlfriend, Destiny Robinson, 36, and Frank Hixon Sr, his own 80-year-old father, according to court records.
“Perk” Hixon, an investment banker for 26 years, had just been caught using illegal inside information from 2010-2013, trading shares through the accounts of his ex-girlfriend and through his father. It has been reported that Hixon used some of the illegal cash to pay child support to his ex-girlfriend, who is also the mother of his 5-year-old daughter, according to the Securities and Exchange Commission civil suit. When his firm confronted him about the trading conducted in these accounts, Hixon Jr. pretended not to recognize the names of his father or his child’s mother.
“Text messages between Hixon Jr. and Robinson suggest he was generating the illegal proceeds in lieu of formal child support payments,” the U.S. Securities and Exchange reported in a statement. The stock of Evercore itself, yielded almost $1 million in profits, the Govermnent has stated.
The New York Post has reported that Frank Perkins Hixon Jr who is a graduate of Harvard Business School, was charged with seven counts of fraud and one count of making false statements. If convicted, Frank Perkins Hixon Jr faces 20 years in prison on the fraud charges and five years on the false statements charge. The New York Times has reported that The S.E.C. is seeking financial penalties.
Evercore’s statement reads, “We have never had a situation like this before in Evercore’s nearly 20-year history — this conduct is completely inconsistent with our culture and professional standards.”
“As we have often said those like Frank Perkins Hixon, Jr., who illegally manipulates the market by allegedly trading on material non-public information exploit law-abiding investors and traders,” Preet Bharara, the United States attorney in Manhattan, said in a statement. “In this case, the alleged wrongdoing was compounded, when Hixon tried to evade detection by lying to investigators and to his company.” Neither Frank Perkins Hixon nor his lawyer responded to a request for comment.
Image Credit: www.nypost.comThe Brazen New York Investment Banker Known as "Perk" by Jaan