Entrepreneur Martha Stewart, actor Brian Dennehy and French impressionist painter Paul Gauguin were all stockbrokers early on in their lives! In fact, Martha Stewart and Brian Dennehy both worked for the same Wall Street firm (no longer in existence).
From what I have read, the firm went under due to a scandal that involved some of the firm’s principles receiving kickbacks from a company whose stock they were selling. I was not aware of Stewart’s history on Wall Street and I’ll have to re-read all the articles about her insider trading conviction!
(I incorrectly posted that Stewart was convicted of trading on inside information, but reader ‘CanadianRetiredGuy’ pointed out my error –>) Stewart was found guilty of conspiracy, obstruction of an agency proceeding, and making false statements to federal investigators. From what I understand, her daughter had dated the CEO of ImClone and he and other company executives sold off many shares the day before an FDA ruling on one of their drugs was announced (in which a certain drug was not approved for use). But it seems that Stewart received a call from her stockbroker’s assistant in which he informed Stewart that ImClone’s CEO was selling off his shares in anticipation of the bad news. She served 5 months in prison and a further 5 months under house arrest. Stewart saved about $45,000 from selling before the FDA announcement.
Incidentally, her net worth has been estimated at about $640 million.
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