Ivan F. Boesky, the financier that pled guilty to insider trading on Wall Street and whose persona inspired the character Gordon Gekko in Oliver Stone’s movie, “Wall Street,” died at the age of 87.
His death was confirmed by his daughter, Marianne, according to The New York Times. Boesky became a household name in the 1980s when news of his insider trading scandal went public. He made a fortune by betting on stock tips that were often passed to him illegally, in exchange for suitcases full of cash money. He pled guilty to insider trading in Nov. 1986, and was handed a historic $100 million penalty. Information pertaining to Boesky’s cause of death was not publicly disclosed, according to The New York Times.
Members of the media surround corrupt financier Ivan Boesky and his attorney as they arrive at federal court in New York City, where he is to plead guilty to a criminal charge stemming from his insider trading. One of the richest men in the world, Boesky faces five years in prison.
When the investigation into Boesky began taking form, he agreed to cooperate and provided critical information about the scandal that triggered the downfall of investment bank Drexel Burnham Lambert as well as bond king, Michael Milken, according to The New York Times.
His historic trades and investment portfolio led to an impressive $280 million net worth valuation by the mid-1980s, with a trading portfolio estimated to be within the $3 billion range.
NEW YORK, NY – OCTOBER 22: Boyd Jefferies is photographed October 22, 1986 after leaving the U.S. attorney’s office for the southern district in New York City. Mr. Jefferies’ meeting centered around the growing federal investigation of insider trading involving Ivan F. Boesky. (Photo by Yvonne Hemsey/Getty Images)
He was later exposed for having much of his wealth financed with borrowed money.
Boesky faced a maximum of five years in prison for crimes related to insider trading, but based on his cooperation with authorities, and his willingness to share details surrounding his schemes, he was sentenced to just three years behind bars, according to The Los Angeles Times.
American stock trader Ivan Boesky (white hair) arrives at the Manhattan Federal Court, New York City, charged with insider trading, December 1987. He received a sentence of 3.5 years and a 100 million dollar fine after plea bargaining. (Photo by Michael Brennan/Getty Images)
He was released in April 1990, after serving just two years in jail. (RELATED: Former Major Sports Franchise Owner Joe Lewis Avoids Prison After Insider Trading Conviction Because He’s Old)
Funeral information has not been publicly shared.
