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Martha Stewart Research Paper

513 Words3 Pages

Martha Stewart a famous talk show hostess, world-renowned maker of several kitchen items that we use today. She was convicted of insider trading. What he finds insider trading is for a person to use the information given to them by someone in another company to sell short on stocks in order to keep them from losing money. Martha had been a shareholder of the company ImClone. ImClone had developed a drug to treat colon cancer but the FDA refused to grant license which made their stock plummeted. Martha's broker had informed her that the CEO of ImClone have sold off his stock shares, and Martha decided to sell her securities which totaled 3928 shares. Now according to Investopedia, insider trading can be very legal or illegal acts depending …show more content…

On December 28, 2001, the other day announced that would not renew ImClone's application for the drug Erbitux. As a result, of that ImClone stock fell 70%. Martha Stewart had befriended ImClone's founder Sam Waksal, who had given information about the stock drop fixed before it happened. On June 6, 2002, the U.S. House energy and commerce committee announced that it was investigating Martha Stewart stock sale. On October 3, 2002, Mr. Stewart resigned from the NYSE downplaying the role in the Martha Stewart scandal. On June 4, 2003, a federal grand jury indicted Stewart and her vulnerable of nine criminal counts, Stewart resigned as chairman and CEO of Martha Stewart's living Omnimedia the same day, but remained on the board. On January 20, 2004, the trial began for Martha Stewart, who continually maintained her innocence. On February 27, 2004, Judge Cedarbaum threw out the most serious charge against Ms. Stewart, which was securities fraud. On March 5, 2004, Martha was found guilty on the four remaining counts. The maximum time she faced with 20 years. On July 8, 2004, a motion for new trial was denied and her sentence was passed out. She was ordered to serve five months in prison, five months of home confinement, and two years of probation. She was also ordered to pay $30,000 in

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