Crime History: Wall Street titan Boesky pleads guilty to insider trading

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Local,Crime,Scott McCabe

On this day, Nov. 14, in 1986, Wall Street trader Ivan Boesky pleaded guilty to insider trading. His confession helped bring down "Junk Bond King" Michael Milken.

In the midst of the 1980s stock boom, Boesky confessed that he bought illegal inside information about impending mergers to amass a $200 million fortune.

The Securities and Exchange Commission later named the day of Boesky's guilty plea as "Boesky Day."

Boesky served a three-year sentence and paid a $100 million fine. Milken forked over more than $1 billion in fines and was sentenced to 10 years behind bars.

The Gordon Gekko character in the 1987 movie "Wall Street" is based partially on Boesky, who is credited with inspiring the phrase "greed is good."

- Scott McCabe

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Scott McCabe

Staff Writer - Crime
The Washington Examiner