(TheLastPatriotNews.com) – Ivan F. Boesky, a notorious financier who admitted to engaging in insider trading on Wall Street and inspired the character Gordon Gekko in Oliver Stone’s film “Wall Street,” has passed away at the age of 87.
His death was verified by his daughter, Marianne, as reported by The New York Times, cited by The Daily Caller.
Boesky rose to prominence in the 1980s when his involvement in an insider trading scandal became widely publicized.
He amassed significant wealth by acting on confidential stock tips, which were frequently conveyed to him through illicit means, often involving the exchange of suitcases filled with cash.
In November 1986, he entered a guilty plea for insider trading and was subjected to an unprecedented fine of $100 million.
The specific cause of Boesky’s death has not been released to the public.
Photographers and journalists crowded around the disgraced financier Ivan Boesky and his legal counsel as they entered a federal court in New York City.
There, Boesky was set to plead guilty to a criminal charge that stemmed from his insider trading activities. Once among the wealthiest individuals globally, Boesky was potentially facing a five-year prison sentence.
As the investigation into Boesky’s activities began, he opted to cooperate with federal authorities, providing essential information about the scandal that precipitated the collapse of investment bank Drexel Burnham Lambert and affected the career of the so-called bond king, Michael Milken.
By the mid-1980s, Boesky’s net worth was estimated at $280 million, with his trading portfolio valued at around $3 billion. It was later revealed that a substantial portion of his wealth was derived from borrowed funds.
Facing up to five years in prison for his insider trading activities, Boesky’s sentence was reduced to three years due to his cooperation with law enforcement and his readiness to divulge details about his illicit operations, as reported by The Los Angeles Times.
He was released in April 1990 after serving two years of his sentence.
Details regarding Boesky’s funeral have not been made public.
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