Ivan Boesky, convicted of insider trading in 1980s, dies at 87

Already a subscriber?Ivan Boesky, who reached the pinnacle of fame and fortune as a high-flying Wall Street arbitrageur in the 1980s only to be exposed as a cheat in the insider-trading scandal that defined the era, has died. He was 87.reported his death, citing his daughter, Marianne Boesky. No details were immediately available.

Boesky attended Wayne State University in Detroit, the University of Michigan and Eastern Michigan University. He didn’t finish but attended Detroit College of Law, where he earned a degree in 1964. After six years of betting on the stocks of companies that were in play, he formed a new fund, just in time for a wave of takeovers that changed the landscape of corporate America.

One year later, in June 1986, shortly after he was arrested for insider trading, Levine pleaded guilty and agreed to co-operate with the US Attorney in Manhattan, Rudy Giuliani. Levine told federal prosecutors he had provided Boesky with nonpublic information about potential deals. Accused of making about $US12 million from illegal trades, Levine was later sentenced to two years in prison.

Source: Digital Coin News (digitalcoinnews.net)

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