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Ivan F. Boesky, the flamboyant stock trader whose cooperation with the government cracked open one of the largest insider trading scandals in the history of Wall Street, has died at the age of 87.
Ivan F. Boesky, center, leaves federal court in New York, April 24, 1987 after pleading guilty to one count of violating federal securities laws. Boesky died on 20 May, 2024, aged 87. (1987 AP)
In 1966, Boesky and his wife moved to New York where he worked for several stock brokerage companies including L.F. Rothschild and Edwards & Hanly.In 1975, he initiated his own stock brokerage company, Ivan F. Boesky & Company, with $700,000 (equivalent to $4 million in 2023) worth of start-up money from his wife's family [6] with a business plan that speculated on corporate takeovers.
Ivan Boesky, a onetime Wall Street titan-turned-convict who served as the partial inspiration for the 1987 Oliver Stone film "Wall Street," has died at the age of 87.
The scandal was discovered in testimony given by the US stock trader Ivan Boesky as part of a plea bargain. Ernest Saunders , Gerald Ronson , Jack Lyons and Anthony Parnes , the so-called Guinness four , were charged, paid large fines and, with the exception of Lyons, who was suffering from ill health, served prison sentences. [ 1 ]
Den of Thieves recounts the insider trading scandals involving Ivan Boesky, Michael Milken, and other Wall Street financiers in the United States during the 1980s, such as Robert Freeman, Terren Peizer, Dennis Levine, Lowell Milken, John A. Mulheren, Martin Siegel, Timothy Tabor, Richard Wigton, Robert Wilkis, Tony Ressler, and others.