Martin A. Siegel

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Martin A. Siegel (born 1948) is an American former investment banker who was convicted, along with Ivan Boesky and Michael Milken, for insider trading during the 1980s.

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Biography

Born to a Jewish family, [1] Siegel is a graduate of Harvard Business School. [2] In 1971, he joined Kidder, Peabody & Co. and, during his 15 years at the firm, became known as a takeover specialist. [3] In February 1986, he left Kidder to become a managing director at Drexel Burnham Lambert. [4]

On February 13, 1987, Siegel pleaded guilty to one count of conspiracy to violate the securities laws and one count of tax evasion. [5] His guilty plea included an agreement to pay over US$9 million in civil penalties and forfeit $10 million more in bonuses and stock owed to him by Drexel—a sum many times greater than the illegal gains from his relationship with Boesky. [6] [7] He received a sentence of two months' imprisonment and five years' probation, rather than ten years, [8] with 3,000 hours of community service. [9] The sentence was light because of his cooperation with other government investigations. [10] His involvement in criminal activities is recounted in the book Den of Thieves by Pulitzer Prize-winning author James B. Stewart.

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References

  1. ↑ Fechter, Melvin (2013). Through the Eye of a Jew. Vol. 2. p. 37. ISBN   978-1-304-44057-0.
  2. ↑ Wilkes, Paul (January 22, 1989). "The Tough Job Of Teaching Ethics". The New York Times .
  3. ↑ Glaberson, William (February 22, 1987). "Kidder Faces Life After Siegel". The New York Times.
  4. ↑ "Executives". The New York Times. February 11, 1986.
  5. ↑ Cole, Robert J. (February 14, 1987). "A Former Client Recalls Siegel's Work in Mergers". The New York Times.
  6. ↑ Glaberson, William (February 14, 1987). "Wall St Informer Admits His Guilt in Insider Trading". The New York Times.
  7. ↑ Katz, Ian (October 25, 1993). "PAYBACK TIME FOR MARTY SIEGEL". The Washington Post. ISSN   0190-8286.
  8. ↑ Glaberson, William (1987-02-14). "Wall St Informer Admits His Guilt in Insider Trading". The New York Times. ISSN   0362-4331 . Retrieved 2019-02-05.
  9. ↑ Glaberson, William (1987-02-14). "Wall St Informer Admits His Guilt in Insider Trading". The New York Times. ISSN   0362-4331 . Retrieved 2019-02-05.
  10. ↑ Eichenwald, Kurt (June 16, 1990). "Key Inside Trader Gets 2 Months". The New York Times.


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