Ivan Boesky was a Wall Street trader who became one of the most infamous figures in American financial history. He was convicted of insider trading in 1986 and sentenced to three years in prison. His story inspired the character Gordon Gekko in the movie "Wall Street."
Ivan Boesky was born in Detroit, Michigan, in 1937. He graduated from the University of Michigan in 1959 with a degree in economics. After college, he worked as a stockbroker for Merrill Lynch. In 1966, he founded his own investment firm, Ivan F. Boesky & Co.
Boesky quickly became known for his aggressive trading style. He was willing to take big risks in order to make big profits. He also developed a reputation for being a ruthless negotiator.
In the early 1980s, Boesky began to engage in insider trading. Insider trading is the illegal practice of buying or selling stocks based on non-public information. Boesky obtained inside information from a variety of sources, including corporate executives and investment bankers.
Boesky's insider trading activities were extremely profitable. In 1985, he made over $100 million in profits. However, his success was short-lived.
In 1986, the Securities and Exchange Commission (SEC) began investigating Boesky's trading activities. The SEC eventually charged him with insider trading. Boesky pleaded guilty to the charges and agreed to cooperate with the government's investigation.
Boesky's testimony helped the SEC to convict a number of other Wall Street figures, including Michael Milken. In 1987, Boesky was sentenced to three years in prison. He was released from prison in 1990.
After his release from prison, Boesky wrote a book about his experiences, called "Merchants of Debt." He also became a lecturer on ethics and corporate responsibility.
Ivan Boesky's story is a cautionary tale about the dangers of greed and corruption. He was a brilliant trader who made a fortune through illegal means. In the end, he paid a heavy price for his crimes.
Boesky's story also inspired the character Gordon Gekko in the movie "Wall Street." Gekko is a ruthless corporate raider who is willing to do anything to make a profit. The movie is a scathing indictment of the greed and excess of the 1980s.
Ivan Boesky's legacy is a complex one. He was a brilliant trader who made a fortune through illegal means. He was also a cautionary tale about the dangers of greed and corruption.
