FILE - Ivan F. Boesky, center, leaves federal court in New York , April 24, 1987 after pleading guilty to one count of violating federal securities laws. Boesky, the flamboyant stock speculator whose cooperation with the government cracked open one of the largest insider trading scandals on Wall Street, has died at the age of 87. Ivan F.
Working undercover, Boesky secretly taped three conversations with Michael Milken, the so-called “junk bond king” whose work with Drexel Burnham Lambert had revolutionized the credit markets. Milken eventually pleaded guilty to six felonies and served 22 months in prison, while Boesky paid a $100 million fine and spent 20 months in a minimum-security California prison nicknamed “Club Fed” beginning in March 1988.
While he usually worked 18-hour days, the silver-haired, lean and not-too-tall Boesky also certainly lived a life of opulence. He wore designer clothes, traveled in limousines, private airplanes and helicopters and revamped his 10,000-square-foot Westchester County mansion with a Jeffersonian dome to resemble Monticello.
Boesky paid Siegal $700,000 in three installments, with a courier delivering briefcases full of cash at three clandestine meeting on a street corner and in the lobby of the Plaza Hotel. Boesky had made millions on Siegal’s tips, which included word that Getty Oil and Carnation Co. were ripe for a takeovers.
The financier and philanthropist was indicted on 98 counts, including securities and mail fraud, insider trading, racketeering and making false statements. Prosecutors said Milken and Boesky conspired together to manipulate securities prices, rig transactions and evade taxes and regulatory requirements.
At trial, Mulheren’s attorney, Thomas Puccio, called Boesky as a repeat liar and “pile of human garbage” who was motivated to say anything to fulfill his promise to assist federal authorities in exchange for leniency. But no one could defend payoffs involving suitcases full of cash. Levine, writing in the pages of Fortune after his release, said he couldn’t understand why Boesky would risk so much by engaging in something so clearly illegal.
Claiming he had been left penniless after paying fines, restitution and legal fees, he won $20 million in cash and $180,000 a year in alimony from her $100 million fortune. He also got a $2.5 million home in the La Jolla section of San Diego, where he lived with his boyhood friend, Houshang Wekili.
Source: Digital Coin News (digitalcoinnews.net)
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