Posted on 01/08/2023 8:21:42 AM PST by ChicagoConservative27
Martha Stewart got her time for lying to theFeds. She was never charged with trading violations.
This scam wouldn’t have been exposed if not for the greed of the couple. They failed to give the homeless guy his fair share of the money, prompting him to complain and sue.
Martha Stewart was never convicted of insider trading. She was acquitted of that charge, and convicted of conspiracy to obstruct an agency proceeding, and lying to the FBI. So if Martha “knew someone” it sure didn’t help.
Which raises my question, when does the FBI go to jail for lying to the American people and conspiring to overthrow our duly elected President? I think maybe they know someone.
I’ve always felt so bad for Joey’s wife.
“She heard news about a company and bought stock in it.”
A U.S. Securities and Exchange Commission and U.S. Attorney probe of trading in the shares of ImClone Systems resulted in a widely publicized criminal case, which resulted in prison terms for businesswoman and television personality Martha Stewart, ImClone CEO Samuel D. Waksal and Stewart’s broker at Merrill Lynch, Peter Bacanovic.
Martha Stewart, the founder of Martha Stewart Living Omnimedia, became embroiled in the scandal after it emerged that her broker, Peter Bacanovic, tipped her off that ImClone was about to dump due to the FDA’s not sanctioning the drug Erbitux. In September 2001 Bristol-Myers Squibb Co signed a $2 billion deal for the marketing rights to the drug once it received FDA approval.
In response to hearing about the drug not being sanctioned, Stewart sold about $230,000 in ImClone shares on December 27, 2001, a day before the announcement of the FDA decision to not sanction the drug. This is called short selling. Stewart’s involvement would have never come to light had Doug Faneuil, Bacanovic’s assistant, not disclosed it to investigators. Although Stewart maintained her innocence, she was found guilty and sentenced on July 16, 2004, to five months in prison, five months of home confinement, and two years’ probation for lying about a stock sale, conspiracy, and obstruction of justice.
Wy69
“Martha didn’t use a vet to scam anyone”
Nope, she scammed someone all by herself with the inside information she received and sold over $230K Imclone over all gaining a profit of over $40K from the stock dump. Her stock adviser also went to jail for that one. And she knew what she was doing.
wy69
“...what about all our politicians in DC who pocketed millions from their stock sales right before covid hit.
I agree. But to get them you have to fight city hall and if the people who make the rules do it, too often it is overlooked and people don’t vote their crooked keysters out in four years (Or 6). So, who’s fault is it. Martha got off light. Not complaining, just an observation.
wy69
I like her hair though. Long and flowing,.
Knock - Knock.
“Who’s there?”
“Amanda Knox.”
“Amanda Knox who?”
“She already killed a girl. What more do you want?”
( Was posted here during her trial )
“She was never charged with trading violations.”
Being charged is just a part of the process anymore. You tell me how she can just accidentally sell off $230k worth of Imclone stock the day before it was announced that the drug they were banking on was turned down so she made an over all profit of over $40K when it was in her trial that she had been informed of the failed sale?
Ms. Stewart was found guilty of four counts of obstruction of justice and lying to investigators. If the illegal sales of the stock based upon underground information from the broker, who went to jail, also, was not about insider trading then what did she obstruct and lie about? Like I said, she knew someone and the deals were made.
wy69
“Martha Stewart was never convicted of insider trading. She was acquitted of that charge”
Stewart’s explanation that she unloaded her stock because of a prearranged sell order collapsed when Douglas Faneuil, the broker’s assistant who handled the sale of the ImClone stock for Stewart, told Merrill Lynch lawyers that his boss, Peter Bacanovic, had pressured him to lie about a stop-loss order. Although he initially backed Stewart’s story, he later told prosecutors that Bacanovic prompted him to advise Stewart that Waksal family members were dumping their stock and that she should consider doing the same. During interviews with law enforcement officials, Faneuil said, “I did not truthfully reveal everything I knew about the actions of my immediate supervisor and the true reason for the sales.” He reportedly received money or other valuables for hiding his knowledge from investigators. Faneuil pleaded guilty to a misdemeanor charge on October 2. Martha Stewart resigned from her board membership of the New York Stock Exchange the next day. Faneuil was later fined $2,000 but did not receive jail time. Merrill Lynch fired Faneuil after he pleaded guilty; Bacanovic was also fired for declining to cooperate with investigators
looking into trading activity of ImClone Systems Inc. shares.
This came from a very good site and there is a lot more to the case than people know. Hope you get a chance to read it.
Acquittal is defined by Black Law Dictionary as when a person accused of a crime is legally freed by a court generally as a result of lack of evidence. This decision cannot generally be appealed unless in a special circumstance. There a number reasons evidence is tossed out of a trial, some are even legit. But when everyone to Include Martha lies about what is an obvious situation not even starting to disprove the obvious, and it is the only way to keep her out of jail for 20 years, and the evidence was tossed without investigation, if it walks like a duck, sounds like a duck...
wy69
“...when does the FBI go to jail for lying to the American people...”
I did this one this way because they were two different topics and handled differently in the actions and determinations given.
Answer to your question, when they get caught. Nothing outside of small concessions has been proven in any of the cases that have been filed throughout different places in the country and no one counting or moving ballots has been charged with election fraud. I don’t disagree with you here but a lot of evidence concerning reported and confirmed fraud has been tossed for the wrong reasons. And this someone is from high places.
wy69
They charge what they can prove.
She lied during the investigation.
She was also a broker back in the day. She knows the rules very well and probably made sure she covered her tracks well enough to cloud up the investigation.
Actually, Martha Stewart was found not guilty of insider trading by a jury of her peers. She was charged, she was tried, and she was acquitted. She was convicted only of “process crimes” similar to the ones that snagged General Flynn. And she served 5 months of actual prison time, a fact you also misstated. I guess for some reason you dislike Martha.
Her hometime of Nutley New Jersey is rightly proud of Martha Stewart, and when she was indicted they took the opportunity to induct her into the Nutley Hall of Fame, figuring shrewdly that she would be grateful and would show up in person for the induction ceremony, which she did. And Martha remains a member of the Nutley Hall of Fame, along with that slightly more famous Nutley resident Annie Oakley.
You ignore the fact that while it is a crime for an American citizen to lie to an FBI agent, it is perfectly legal for that same FBI agent to lie to an American citizen. That is an asymmetry in the law that should be corrected.
“Actually, Martha Stewart was found not guilty of insider trading by a jury of her peers.”
No she wasn’t.
Martha Stewart was accused of insider trading after she sold four thousand ImClone shares one day before that firm’s stock price plummeted. Although the charges of securities fraud were thrown out, Ms. Stewart was found guilty of four counts of obstruction of justice and lying to investigators.
The insider trading charge and all security fraud charges were tossed out and never made it to trial. She got a free ride.
wy69
“That is an asymmetry in the law that should be corrected.”
Not ignoring it at all. I completely agree with you. But to do that you’ll have to elect lawmakers that are willing to do that. It’s obvious the ones in power right now aren’t. Find them and get them elected. That’s the way the voters control the government and create a better nation. They get laws that are not in their best interest and get them changed, re-written, or used differently. You’re preaching the choir with me on the question of who’s using the law versus the actual intent of it.
wy69
“...probably made sure she covered her tracks well enough to cloud up the investigation.”
And with that, she also knows people and I believe deals were made.
Not unusual in criminal courts.
wy69
Ok, she was tried before a jury and and then acquitted by the judge, who considered the insider trading case so weak he didn’t even let it go to the jury. https://caselaw.findlaw.com/us-2nd-circuit/1066381.html
If Martha had been smart enough never to have talked to the FBI, she never would have gone to jail. And the same goes for General Flynn.
“If Martha had been smart enough never to have talked to the FBI, she never would have gone to jail.”
From the article you sent, she was caught in her own doing. There were numerous people involved with Merrill Lynch and her trading team at MS that she ended up lying about her actions on the 27th. And the SEC violation was in the middle of it. She claimed she had no idea and had not talked to Merrill on the 27th which was a lie and she was caught at it through witnesses and phone records. The only reason she would have traded the stock at such a rapid pace was because of a stock drop. And at that time the ImClone drug decision was not public to others than major traders. So why did she sell the stock, why did she lie about talking to Merrill representation about the same topic on the 27th, and if she didn’t want to be bothered about the actions during her vacation then why did she bother if she was not aware of the problem?
Like I said, she knows people and was given a deal to not spend 20 years in prison. And the way the deal was accomplished closed any further investigation of the topic. Convenient huh?
wy69
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