INSIDER TRADING: The High Cost Of Business

The High Cost Of Business

The arraignment took just 15 minutes, and then the defendant ducked out of the downtown Manhattan courthouse and sped away in a black luxury limousine. Former Arbitrager Ivan Boesky, looking gaunt and subdued, pleaded guilty before a federal judge to one count of violating federal securities laws. Boesky, 50, who is the leading man in Wall Street's biggest stock-market scandal, remains free until his sentencing in August. The Detroit-born son of a delicatessen owner, who amassed an estimated fortune of $200 million through his dealings, and who still lives on a 200-acre New Castle, N.Y., estate, faces a maximum of five...

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