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GUILTY NY - Martha Stewart for lying about stock sale, NYC, 2003

Discussion in 'Recently Sentenced and Beyond' started by Casshew, Jan 6, 2004.

  1. Casshew

    Casshew Former Member

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    Finding 12 jurors lacking strong opinions about the celebrity may prove to be difficult.
    January 5, 2004: 4:23 PM EST
    By Joseph Lee, CNN/Money Staff Writer

    NEW YORK (CNN/Money) - Jury selection is set to begin Tuesday in the Martha Stewart criminal trial, where the self-made lifestyle maven will try to defend herself against charges of obstruction of justice, making false statements and securities fraud.

    Stewart, 62, sold nearly 4,000 shares of Imclose stock Dec. 27, 2001, a day before regulators rejected the company's application for approval of Erbitux, ImClone's experimental cancer drug -- news that send its stock tumbling. She's accused of lying to investigators and the public about the circumstances surrounding that sale.

    Stewart has maintained that she didn't have inside information and had a long-standing arrangement with her broker to sell ImClone stock at a certain price. Both Stewart and the broker, Peter Bacanovic, have pleaded innocent to charges of obstruction of justice.

    Lawyers from both sides will screen potential jurors carefully, asking questions about their knowledge of the case and whether they like or dislike Stewart, a legal expert said Monday.

    http://money.cnn.com/2004/01/05/news/companies/martha/index.htm?cnn=yes
     
  2. railbird

    railbird New Member

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    I am really surprised that there isn't more interest in this one simply because IMO, Martha is being offered up in hopes that it divert the media attention from Ken Lay/Enron et al. Someone has to take the fall for these white collar crimes and it can't be big donars to political campaigns or the president's brother so, who better than Martha Stewart?

    Like a lot of people, I have always taken Martha with a good dose of cynacism but I have to give her credit for taking what women had been doing since the dawn of mankind and capitalizing on it.

    I do not for a moment believe she would put at risk all she built for the little she stood to gain from getting rid of her ImClone stock. No, that would be foolish and, Martha is no fool. I believe it happened just as she, her assistant and broker said; if ImClone were to drop to $60, sell. It was not until someone 'lawyered up' that the story changed to the benefit of the prosecuters. I wonder how many of us, if faced with telling the truth or ruination would choose the truth? (I do not know many 'Susan McDougal's')

    What really gripes me is this - If what Martha is accused of is a crime, than why was GWB allowed to get away with his Harken Oil stock shenanigans and now it seems, "Presidential brother Neil Bush made at least $798,218 on three stock trades in a small U.S. high-tech company where he had been a consultant, according to his tax returns, including $171,370 buying and selling the company's shares in a single day. His "big paydays in the stock of Kopin Corp. of Taunton, Mass., included the July 19, 1999, purchase and quick sale of stock as the company announced good news about a new Asian client that sent its stock value soaring." (And Let's not forget the significant role he played in the Silverado deal that cost taxpayers $1.3 billion or the asian hookers who mysteriously turn up on his hotel doorstep). If it's all above board I want proof!

    O.K, Martha may not be the most pleasant person but to say she manipulated her stock by proclaiming her innocence is a little much - I wish her luck!
     
  3. CW

    CW Former Member

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    Martha is a very weathly woman and I feel the same way Martha is not a dumb woman she has done very very well for herself why would a woman worth a Billion dollars but now that the witch hunt has gotten ahold of her,her stock has went way down I just don't believe a woman who was worth so much money would chance anything for a lousy $40,000.00 or $50,000.00 I just don't believe it.
     
  4. Ivy

    Ivy Inactive

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    I'm not a fan of Martha's, but this whole thing irks me to no end. So what if she did do a little insider trading? Nothing she's accused of can compare to what Ken Lay and other big corporate CEOs have done. I think Martha is being crucified in an effort to keep women in their place. Can't have women succeeding in the world of business...no sirreee! The world of business is a man's world, and no uppity female is gonna barge in and usurp the all-powerful bubbadom!

    What's happening to Martha Stewart is total BS.
     
  5. BirdieBoo

    BirdieBoo New Member

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    I totally agree with you guys. she is being punished for being a woman as successful as he is. An example is being made of Martha .
     
  6. rondata

    rondata CHAMPION

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    While what she did may not as bad as what others did, that does not mean she should not go to trial or that she should go unpunished.

    I don't believe the story about the sell if it drops under 60 bucks.. because apparently over the summer, it DID drop under 60 bucks and she didn't sell then. But that is not what irritates me about this.

    Why would Faneilu(sp?) change his story? If he would have just kept his story, nobody would have ever known anything and nobody would have been able to prove that oral agreement did not exist. So he lawyers up and does what? starts telling the truth?

    Why would he admit to extra pay and a plane ticket if it was not true? What would he have to gain by taking mary poppins down?

    Everyone who knows him thinks he is just the most decent person and can't believe he would have anything to do with this.

    In any case: Here is my problem

    If it is proved that she lied, gave "gifts" to others to silence them or so they would tell HER version of the story, then yeah.. she made a big freaking oopsie, one that is not likely to be forgived in a court of law.

    Yeah, martha is not stupid. I feel she made a STUPID decision, and what saved her a measly 40k is not gonna cost her gawd knows how much in court.

    The FBI can lie to you until the cows come home, but even confuse them a bit and your in big trouble. Martha, ya shoulda known better.. :twocents:
     
  7. Casshew

    Casshew Former Member

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    I don't know what to think about this trial...

    I am hoping it is fair for her and she is just not made an example of with some ridiculously long jail term. (assuming she is guilty)

    I buy and sell stocks and once in a while I will get a call with a tip to buy or a tip to sell... it is all speculation and I don't feel like I am committing a crime.. I know Martha was a bit more into the inside trading ~ but when murderers and rapists get 5 year sentences.. it is hard to justify the prison terms for white collar crime.
     
  8. rondata

    rondata CHAMPION

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    Nobody is gonna put martha stewart in jail. I would be VERY surprised if this happened. I do hope she gets a big fat fine, has to pick up garbage on the side of the freeway and her own stock hits the ground.. but that's just me. :)
     
  9. Casshew

    Casshew Former Member

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    Hi Rondata :)

    Does anyone know the maximum sentence she can recieve if found guilty?

    I am also hoping for a big fine and a some public humilation for Martha... but not not prison sentence.
     
  10. rondata

    rondata CHAMPION

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    The maximum penalty for each count is 5 years in prison and a $250,000 fine, except for the securities fraud count against Stewart, which carries 10 years in prison and a $1-million fine. If convicted, both are likely to get lighter penalties than the maximum under federal sentencing guidelines, which allow judges to consider other factors.



    heres the link.. it also outlines the charges :)


    http://www.freep.com/money/business/charge20_20040120.htm
     
  11. rondata

    rondata CHAMPION

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  12. gretchen

    gretchen Former Member

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    To my knowledge, I have never bought anything "Martha Stewart," nor have I watched her show. I have seen her on Oprah and admit to being amazed at some of the projects I have seen her do.
    I think Martha is going to walk. Hopefully the jury will see through this one. Way too many have done far worse and never went to trial.
     
  13. rondata

    rondata CHAMPION

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    just because others have done worse, does not mean she should just walk..
    thats like saying.. this guy only stole 50$ and this one stole 500 so the one who stole the least should walk?
     
  14. gretchen

    gretchen Former Member

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    Your point is well taken but I can't help but believe Martha is being prosecuted for who she is, not what she has done. I think the prosecution is out to "set an example," and they consider Martha to be an easy target.
     
  15. rondata

    rondata CHAMPION

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    You may be right.. but you have to remember, this woman is never going to see a cell because of "who she is" either. Not that I think she should go to jail, because I don't. And the insider trading, I could have forgave as I am sure that happens every day. What is hard for me to forgive is the fact that she lied and tried to cover up her lie and paid off others to do the same. If that is proven, then she needs something more then a slap on the hand.
     
  16. Clara Fi

    Clara Fi New Member

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    on all counts! It may be that she will face some jail time. Wow. NOT a good thing!
     
  17. Sniffy38

    Sniffy38 New Member

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    It's being reported that by Federal Guidelines, Martha could be sentenced to 5 yrs. of each of the 4 counts. The Judge has wide discretion and sentencing will be awhile ahead.

    I sure wouldn't want to be in her shoes!
     
  18. Clara Fi

    Clara Fi New Member

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    I heard though that any time would be served concurrently, so even if she got the max for all 4 charges, she'd only do 5 years. And it will probably be even less than that, but they are saying she most likely will do SOME jail time. Unbelievable.
     
  19. LinnieB

    LinnieB Former Member

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    Looks like her and Scotty boy are going down !! He really should of watched a different show that morning. :rolleyes: :loser:
     
  20. Sprocket

    Sprocket Former Member

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    Why is this not a good thing? Definitely not a good thing for Martha, (from her point of view) but is it a good thing that she was convicted.... I mean, she did lie to the government.... and, imho, she was guilty.

    And, ask yourself, why didn't Martha, take the stand, in her own defense? Although our legal system says, you can not hold that against someone within the court of law; the US goes out of its' way, to make things "fair" for an individual accused. But in the real world, ask yourself, what does that say?
     

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