Martha Stewart was being investigated for insider trading, committed perjury, and spent 5 months in a fed prison in 05. It was all over the news because she sold tupperware and kitchen stuff.
She sold $230,000 worth of stock in a biopharmaceutical company after executives tipped off friends and family about a key drug they were researching failing to acquire FDA approval. After news became public, the company’s stock fell.
She was sentenced to 5 months in prison, 5 months of house arrest, two years probation, and recieved a 5 year ban from serving as an executive of a public company, and a fine of $195,000. She has also been denied entry into other countries like Canada and the UK for being a convicted felon.
… Isn’t that almost exactly the same thing Vivek Ramiswamy did?
Started or bought a biotech firm, literally got his own mother to conduct a ‘study’, concluding a drug in development worked and had potential, when in fact everyone knew it was bullshit, then he sold all his shares before larger studies concluded more publically that the drug was indeed bullshit?
That was pretty much what I meant in a roundabout way. They’re being extremely harsh on her when other people are getting away with the same or worse on a daily basis.
I seem to be a little out of the loop on the history here. What happened to her?
Martha Stewart was being investigated for insider trading, committed perjury, and spent 5 months in a fed prison in 05. It was all over the news because she sold tupperware and kitchen stuff.
Thanks for the short and sweet answer.
My memory is fuzzy if the event, but the reason for her jail time was because she lied about it, right?
Yeah exactly. Thats what I meant by perjury. Not sure if they used a different term for the charge.
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She sold $230,000 worth of stock in a biopharmaceutical company after executives tipped off friends and family about a key drug they were researching failing to acquire FDA approval. After news became public, the company’s stock fell.
She was sentenced to 5 months in prison, 5 months of house arrest, two years probation, and recieved a 5 year ban from serving as an executive of a public company, and a fine of $195,000. She has also been denied entry into other countries like Canada and the UK for being a convicted felon.
… Isn’t that almost exactly the same thing Vivek Ramiswamy did?
Started or bought a biotech firm, literally got his own mother to conduct a ‘study’, concluding a drug in development worked and had potential, when in fact everyone knew it was bullshit, then he sold all his shares before larger studies concluded more publically that the drug was indeed bullshit?
Holy shit. That seems a bit harsh.
Or, stick with me, it’s not overly harsh, it should just be applied to everyone who does insider trading.
That was pretty much what I meant in a roundabout way. They’re being extremely harsh on her when other people are getting away with the same or worse on a daily basis.
Oh definitely - Black Edge is a fascinating book on the subject if you’re interested.
I’ll go check it out thanks.
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Well, she was an uppity femoid who needed to be put in her place…
/s
Precisely my point. The other people doing this shit are getting away with it.
https://en.wikipedia.org/wiki/Martha_Stewart
Read the section “Stock trading case and conviction”
Thank you.
https://people.com/martha-stewart-fraud-case-prison-sentence-look-back-8550277