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Article: Wall Street's Long Year of Turmoil;Market's Massive Insider Trading Scandal Shows No Sign of Fading
- Article from:
- The Washington Post
- Article date:
- May 10, 1987
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Wall Street stock speculator Ivan F. Boesky, who had amassed a
fortune because of his unmatched access to inside information, faced
an excruciating predicament last summer: He was in the dark.
Boesky knew that merger specialist Dennis B. Levine had pleaded
guilty to insider stock trading charges in June and was cooperating
with federal investigators. But he didn't know whether Levine had
told prosecutors about the details of Boesky's deeply corrupt stock
trading practices.
By August, Boesky had his answer. The Securities and Exchange
Commission served him with a series of subpoenas carefully drafted to
persuade Boesky that Levine had told prosecutors everything he knew.
A trader by ...