Martha Stewart Indicted.
If convicted on all counts she will face 30 years in prison (most likely federal) and $2MM in fines, plus barred for life from owning any other public company.
She will have to step down from the board of directors of NYSE too if she didn't already do that.
Later today she will face the judge here in Manhattan.
I think she will have to pay the $2Million in fines but I don't think she will do jail time. Her crime is not as big as Michael Millkin, the junk bond trader that put an entire company out of business and bilked millions out of investors. She only sold $45,000 worth of stock through insider trading and lied about it. That's what really got her... perjury.
She's burned BAD! She still has money but she stands to lose everything businesswise.
I agree. I think she has some very powerful secret enemies too.
Guilty of selling her 4,000 ImClone stocks based on insider information which is against the law. She sold all her stocks a day before the feds released information stating that Erbitux was no good as a cancer medication treatment. She and her broker (Bacanovic) and her long time stock friend (Wakslat [sp?]) got indicted.
As of yesterday she quit as CEO and Chairwoman of her company. If she is convicted she faces 30 years in jail which I believe she won't get.
She's on the board of the New York Stock Exchange too. I think she already quit that position if they didn't throw her out. Oh boy! What a mess. She should have let the stocks fall. It would have only cost her $45,000. Not even a drop in the bucket for her. DAng.