Ivan Boesky, stock trader convicted in insider trading scandal, dead at 87, according to reports

Ivan F. Boesky, the flamboyant stock trader whose cooperation with the government cracked open one of the largest insider trading scandals on Wall Street, has died at the age of 87.on Monday that he died in his sleep, and his wife confirmed Boesky's death to The Washington Post. No cause of death was given.The son of a Detroit delicatessen owner, Boesky was once considered one of the richest and most influential risk-takers on Wall Street.

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.

"If there ever was a person to whom the title Prince of Darkness could be applied, Ivan Boesky is that man," Puccio said."The king of greed, a person who stood for nothing except his own ambition, his own greed." "And I don't know why Ivan engaged in illegal activities when he had a fortune estimated at over $200 million," Levine wrote in 1990."I'm sure he derived much of his wealth from legitimate enterprise: He was skilled at arbitrage and obsessed with his work. He must have been driven by something beyond rational behavior."

Boesky was born in Detroit in 1937 into a family of Russian Jewish immigrants. He claims to have learned industriousness from his father, who operated three delicatessens.

Source: Digital Coin News (digitalcoinnews.net)

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