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A U.S. Securities and Exchange Commission and U.S. Attorney probe into trading in the shares of ImClone Systems resulted in a widely publicized criminal case, which resulted in prison terms for businesswoman and television personality Martha Stewart, ImClone CEO Samuel D. Waksal, and Stewart's broker at Merrill Lynch, Peter Bacanovic.
R. Foster Winans. Robert[ 1] Foster Winans (born August 5, 1948) is a former columnist for The Wall Street Journal who co-wrote the [ 2] "Heard on the Street" column from 1982 to 1984 and was convicted of insider trading and mail fraud. He was indicted by then- U.S. Attorney Rudolph Giuliani and convicted in 1985 of violating Federal law by ...
Martha Stewart, the founder of Martha Stewart Living Omnimedia (Waksal had dated Stewart's daughter) also became embroiled in the scandal after it emerged that she sold about $230,000 in ImClone shares on December 27, just a day before the announcement of FDA decision. Although Stewart maintained her innocence, she was found guilty and ...
Martha Stewart is the first female self-made billionaire in the United States ... Though according to Forbes, Martha's stock briefly improved when she was incarcerated for insider trading in 2004 ...
August 8, 2006 - Stewart agrees to pay $195,000 to settle an insider trading probe with the SEC. She is barred from serving as chief executive or chief financial officer of any public company for ...
He tipped off several of his friends and family to sell their ImClone stock. When Waksal's broker at Merrill Lynch, Peter Bacanovic, became aware of the pending rejection, he alerted their mutual friend, Martha Stewart, that ImClone was about to lose a good deal of its value. [4] Waksal was arrested June 12, 2002 on insider trading charges.
Insider trading involves using information not publically available to profit from a stock purchase. It's illegal and can carry a jail sentence. Just ask Martha Stewart .
Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for high-yield bonds ("junk bonds"), [ 2] and his conviction and sentence following a guilty plea on felony charges for violating U.S. securities laws. [ 3] Milken's compensation while head of the high-yield bond ...