Trading Places: Boesky gets three years in jail

Boesky gets three years in jail

After 13 months of anticipation and delays, Wall Street's most spectacular speculator -- and insider trader -- finally heard his fate. Hands clutched behind his back, Ivan Boesky, 50, listened pensively while U.S. District Court Judge Morris Lasker told a packed courtroom in Manhattan, "Criminal behavior such as Boesky's cannot go unchecked. Its seriousness was too substantial merely to forgive and to forget." With that the judge sentenced the onetime superstar investor to three years in prison for his role in the largest insider-trading scandal in history.

The sentence seemed to split the difference between harshness and leniency. The prison term...

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