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...birth; a former Assistant Treasury Secretary named William Duer capitalized on his government connections to make bets on the country's debt. His investments eventually soured, however, and Duer's bankruptcy brought down much of New York's economy in 1792; he died a few years later in debtors' prison. (The charter members of the Buttonwood Group, the predecessor of the New York Stock Exchange, first assembled to formulate a response to that market crash.) Nineteenth century railroad magnate Jay Gould didn't try to hide his flagrant insider trading; profits from buying and selling stock in his own companies...
...Supreme Court ruled that a former Wall Street Journal reporter, R. Foster Winans, and two associates were guilty of mail and wire fraud for trading on names mentioned in upcoming editions of the newspaper's "Heard on the Street" columns. Winans was sentenced to 18 months in prison, although the court split on whether his actions also constituted illegal insider trading. (Read "What's Still Wrong with Wall Street...
...monument to Wall Street excess, witnessing some of the most notorious insider-trading prosecutions in history. Corporate raider Ivan Boesky - said to be an inspiration for the fictional Gordon ("Greed ... is good") Gekko, villain of the Oliver Stone film Wall Street - was sentenced to 3½ years in prison and fined $100 million in 1986 for insider trading. Financier Michael Milken, the "junk-bond king" who famously earned $550 million in 1987, avoided prosecution on similar charges by pleading guilty to other criminal counts. But the largest insider-trading conviction came two decades later, in 2007, when former Qwest Communications...
These days, you don't have to work on Wall Street to get entangled in an insider-trading scandal - just ask Martha Stewart. The homemaking guru spent five months in prison in 2004 after a series of events triggered by her sale of $228,000 in shares of biomedical firm ImClone Systems, the day before its value plunged 15%. Thanks to a 1997 Supreme Court ruling, even those who lack a connection to a company cannot trade on inside information if they know it is meant to remain confidential. (ImClone was run by Stewart's friend, Sam Waksal.) Ultimately, Stewart...
...information, Pajcin and an accomplice, former Goldman colleague Eugene Plotkin, hired workers in the Wisconsin printing plant where BusinessWeek was published to filch copies of the magazine straight from the press to discover which companies would be mentioned. Plotkin pleaded guilty and was sentenced to nearly five years in prison. Pajcin served two years before being released, and promptly disappeared - possibly leaving the country. Once he's tracked down, he faces more jail time for violating his probation...