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.
Biography
editBorn 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.
References
edit- ^ Fechter, Melvin (2013). Through the Eye of a Jew. Vol. 2. p. 37. ISBN 978-1-304-44057-0.
- ^ Wilkes, Paul (January 22, 1989). "The Tough Job Of Teaching Ethics". The New York Times.
- ^ Glaberson, William (February 22, 1987). "Kidder Faces Life After Siegel". The New York Times.
- ^ "Executives". The New York Times. February 11, 1986.
- ^ Cole, Robert J. (February 14, 1987). "A Former Client Recalls Siegel's Work in Mergers". The New York Times.
- ^ Glaberson, William (February 14, 1987). "Wall St Informer Admits His Guilt in Insider Trading". The New York Times.
- ^ Katz, Ian (October 25, 1993). "PAYBACK TIME FOR MARTY SIEGEL". The Washington Post. ISSN 0190-8286.
- ^ 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.
- ^ 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.
- ^ Eichenwald, Kurt (June 16, 1990). "Key Inside Trader Gets 2 Months". The New York Times.
External links
edit- "A Raid on Wall Street" Time magazine article describing Martin Siegel's involvement in the insider trading scandals of the 1980s
- Taking America: How We Got from the First Hostile Takeover to Megamergers, Corporate Raiding, and Scandal, by Jeff Madrick, Beard Books, 2003. Retrieved March 10, 2019. ISBN 978-1587982170
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