Martha Stewart Insider Trading
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Martha Stewart is one of the most recognizable faces in America today, publisher of the style guide Martha Stewart Living. In 2004, however, Martha Stewart convicted of insider trading, sentenced to prison. Many believed this stain would destroy her multimedia empire. However, Martha Stewart seemed only to capitalize on the notoriety.
- Martha Stewart was born in 1941 in New Jersey.
- In the 1970s, she and her husband moved to Westport, Connecticut, where Martha's penchant for restoration and decoration became obvious, and her first book, Entertaining, appeared in 1982.
- Other books followed, as did television appearances, as well as the creation of Martha Stewart Living magazine in 1990.
The U.S. Securities and Exchange Commission (SEC) claim that Martha Stewart sold all of her shares of ImClone Systems stock after receiving information from her broker at Merrill Lynch. The day after, ImClone stock plummeted 16 percent. In June 2003, Stewart was indicted on charges of insider trading, convicted in March 2004 and sentenced to five months in prison. She was assigned to the Federal Prison Camp in Alderson, West Virginia, where she served from October 8, 2004 to March 4, 2005. Stewart later joked that her prison nickname was "M. Diddy." After her release, Martha Stewart rejoined Martha Stewart Living Omnimedia and rebuilt her empire, putting her insider trading conviction in the past.