SEC Charges Martha Stewart, Broker Peter Bacanovic with Illegal Insider Trading
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Description: Complaint alleges that Stewart committed illegal insider trading when she sold stock of ImClone Systems after receiving an unlawful tip from Bacanovic and subsequently both lied during investigation.[SEC]
(June 04, 2003)
SEC Charges Martha Stewart, Broker Peter Bacanovic with Illegal Insider Trading SEC Charges Martha Stewart, Broker Peter Bacanovic with Illegal Insider Trading -- The Securities and Exchange Commission today filed securities fraud charges against Martha Stewart and her former stockbroker, Peter Bacanovic. The complaint, filed in federal court in Manhattan, alleges that Stewart committed illegal insider trading when she sold stock in a biopharmaceutical company, ImClone Systems, Inc., on Dec. 27, 2001, after receiving an unlawful tip from Bacanovic, at the time a broker with Merrill Lynch, Pierce, Fenner & Smith Incorporated. The Commission further alleges that Stewart and Bacanovic subsequently created an alibi for Stewart's ImClone sales and concealed important facts during SEC and criminal investigations into her trades. In a separate action, the United States Attorney for the Southern District of New York has obtained an indictment charging Stewart and Bacanovic criminally for their false statements concerning Stewart's ImClone trades.
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