American stockbroker Ivan F. Boesky died at the age of 87. An employee of his daughter's company, the Marianne Boesky Gallery, confirmed the news. But who is Ivan Boesky? What makes him special among the stock brokers? Here are the details you need to know.
Stock Trader Ivan F. Boesky Dies at 87
According to The Associated Press' latest report, not much detail was shared about Ivan Boesky's sudden death. During his prime, he was considered Wall Street's wealthiest man and most influential stockbroker.
He was included in Forbes magazine's list of the 400 richest Americans after he parlayed $700,000 from his late mother-in-law's estate into a fortune that was estimated to reach over $200 million.
However, despite his success, he was still used as an inspiration for the villain in the 1987 Oliver Stone Film Wall Street: Gordon Gekko.
Ivan Boesky's Case
NBC News reported that Ivan Boesky was a one-time Wall Street titan turned convict. He had been charged with insider trading and accused of making lucrative stock bets based on illicit access to proprietary details.
Investigators revealed that Ivan Boesky sent briefcases full of money to a Wall Street insider. In return, the insider gave him tips about acquisition activities.
His career began to crash because of the charges against him. Unfortunately, Ivan Boesky wasn't able to recover professionally. Ultimately, he moved to Southern California following a divorce settlement with his wife.
The divorce settlement included annual payments of $180,000, a $2.5 million house, and $20 million.
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