Word: faneuil
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Dates: during 2000-2009
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...government's case was substantially assisted by the testimony of Douglas Faneuil, former assistant to Bacanovic, who testified that his boss had ordered him to share with Stewart the insider tip on Waskal's intentions. Stewart was convicted of lying to officials from the SEC, FBI and federal prosecutors when she told them she and Bacanovic had previously arranged an automatic sell order if the stock price fell below $60; and also of lying in her claim to SEC, FBI investigators and federal prosecutors when she claimed she did not recall being told of Waksal's planned stock sale...
Eventually, because of what he said was a guilty conscience, Faneuil approached federal investigators, admitted he had lied, and agreed to testify against Bacanovic and Stewart. In return, he was charged with a misdemeanor for initially misleading the government...
...Before Faneuil took the stand, the trial had been proceeding at a deadening pace. Bored with technical details about the securities industry, spectators contented themselves with divining Stewart's state of mind based on the few outward clues she exhibited: the succession of somber black pantsuits, the weak but polite smile she managed for news cameras, the strain that only occasionally surfaced on her heavily made-up face. When Faneuil finally appeared, a jolt of excitement was palpable in the courthouse. He proved such an engaging witness that he kept the room rapt. By the time defense attorneys...
Bacanovic's attorney David Apfel had first crack, repeatedly referring to Faneuil as an admitted "liar" who had smoked pot and taken the drug ecstasy. But when he set out to prove that Faneuil harbored a grudge against Stewart, he mainly succeeded in making people wonder why everyone else didn't harbor one as well. At Apfel's prompting, Faneuil recounted an incident when Bacanovic had put Stewart on hold while he searched for some papers. After a few minutes he asked his assistant to pick up the phone and tell Stewart he would not be much longer...
...Faneuil's apparent credibility as a witness may leave the defense no choice but to let Stewart take the stand to try to refute his testimony. Stewart's lawyers would rather she didn't, as she can be a polarizing figure. It's the ultimate gamble, and if she loses it, she could join her friend Waksal, who is imprisoned for securities fraud. In an ironic twist, Waksal's company, ImClone, the source of their troubles, has rebounded. Encouraging research on its colon-cancer drug Erbitux has sent the stock price back up to about $41, after it plunged...