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Last post 20 years ago by Liz62803. 11 replies replies.
Martha Judge Throws Out Fraud Charge
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RDC Offline
#1 Posted: Fri, Feb 27 2004, 6:58 AM EST
Joined: 01-21-2000
Posts: 5,874
If you have money, you don't go to jail
This is a load of ****!!

http://www.foxnews.com/story/0,2933,112727,00.html

Martha Judge Throws Out Fraud Charge

NEW YORK — In a huge victory for Martha Stewart (search), a federal judge Friday threw out the most serious charge against her in her case — securities fraud — saying prosecutors had failed to present sufficient evidence to allow the jury to decide the matter.



The charge accused Stewart of deceiving investors in her company, Martha Stewart Living Omnimedia (MSO), by lying about her sale of ImClone Systems (IMCL) stock.

U.S. District Judge Miriam Goldman Cedarbaum left intact four other charges against the celebrity homemaker — conspiracy, obstruction of justice, and two counts of lying to investigators.

Securities fraud was the most serious charge against Stewart, carrying up to 10 years in prison.

The government claims Stewart sold her 3,928 ImClone shares because she was tipped that ImClone CEO Sam Waksal (search) was frantically trying to sell his own. A negative report related to an ImClone cancer drug soon sent the stock tumbling.

Stewart and her former stockbroker, Peter Bacanovic, claim they had made a plan before Stewart sold to get rid of the shares if ImClone's stock price fell below $60. Prosecutors say that was simply a cover story.

Cedarbaum excused jurors for the week and told them to return for closing arguments Monday and Tuesday. They will receive instructions from the judge Wednesday, then begin their deliberations.

Reuters and the Associated Press contributed to this report.

dbguru Offline
#2 Posted: Fri, Feb 27 2004, 7:07 AM EST
Joined: 03-06-2002
Posts: 1,300
My wife will be so thrilled. She's such a Martha fan
DrMaddVibe Offline
#3 Posted: Fri, Feb 27 2004, 7:55 AM EST
Joined: 10-21-2000
Posts: 55,513
The more I think about this case the more I question what I would've done if I'd been given info like Martha's.

My broker never gives me "hot tips". My 401K turned into a 201K and I didn't even get a phone call!

She lost money, but lost more when she tried to cover it all up. I say she's already paid her price. The government spent more proscuting Martha then what she lost!

When are they going to hammer Lay,Winnick,Rigas',Conway and a whole host of other CEO's that used their companies like private piggy banks with their deceit and lying? Those are the criminals to drag out into the light. They're the ones that eroded investor assurances with the way they ran their companies.

Step back for a second and really ask yourself, if your broker had called you and given you the same info...would you've done the same thing?
CWFoster Offline
#4 Posted: Fri, Feb 27 2004, 8:01 AM EST
Joined: 12-12-2003
Posts: 5,414
First, she's not OJ, there's no trail of bodies and blood.
Second, if she was guilty of insider trading, where are the insiders that gave her the information? WWhy is she on trial, and not the people who GAVE her an unfair advangarge? It's pretty harsh to tell someone that they are supposed to hang on to a dog of an investment while it tanks, when you KNOW it's going to tank, and smile while you loose a fortune. But that's what the prosecutors are saying. and because the broker isn't in on this, and the CEO of the company isn'tin on this, it's like the Drug Kingpins got offered to turn states evidence against the crack dealer on the street corner!
JonR Offline
#5 Posted: Fri, Feb 27 2004, 8:33 AM EST
Joined: 02-19-2002
Posts: 9,740
FREE MARTHA, IT'S A GOOD THING, FREE MARTHA !!!!!
barryneedleman Offline
#6 Posted: Fri, Feb 27 2004, 1:36 PM EST
Joined: 08-23-2000
Posts: 1,689
CW, the broker is on trial with her and the guy at IMclone (the company that this is all about) went to jail. Also, only one charge has been dismiissed - they were trying to make the case that when she declared she wasn't guilty it was to fradulently prop up her own company's stock price.
JonR Offline
#7 Posted: Fri, Feb 27 2004, 1:55 PM EST
Joined: 02-19-2002
Posts: 9,740
I'm willing to bet that the judge will receive a " special " basket of cookies from Martha this Christmas. JonR
jstiltner Offline
#8 Posted: Fri, Feb 27 2004, 2:18 PM EST
Joined: 01-09-2004
Posts: 116
do you think martha is good in bed? do you even think she is capable of being good? I don't. I think she would be as stiff as a board. But on the other note, this case is a waste of time and money. Like someone else said. Where are the heads of the CEO's that ruin people's lives like the ENRON and TYCO CEOs? I still can't get over how big ENRON was and it was all on paper.
xibbumbero Offline
#9 Posted: Fri, Feb 27 2004, 3:30 PM EST
Joined: 01-25-2002
Posts: 12,535
40K in stock sales eventually turned into Martha Stewart losing 500 million dollars and in the final analysis,as much as a billion. The irony in all this,is the ImClone drug that rumor had was not going to be approved by the FDA,was just recently approved. X
barrycro Offline
#10 Posted: Fri, Feb 27 2004, 4:48 PM EST
Joined: 02-15-2004
Posts: 19
instant karmas gonna get you.... knock you right off your feet
CWFoster Offline
#11 Posted: Fri, Feb 27 2004, 5:03 PM EST
Joined: 12-12-2003
Posts: 5,414
How true X, I think they oughta say see! That's what you get for listening to LOSERS! and let her go before they blow anymore taxpayers funds!
Liz62803 Offline
#12 Posted: Fri, Feb 27 2004, 8:02 PM EST
Joined: 01-21-2004
Posts: 2,921
was talking on an email group I'm on about if Martha goes to jail she can start a prison line. prison sheets and pillow cases, prison draperies, can pay for her lawyers and stuff like that :-) she can also be useful in the arts and crafts department, maybe even a dinnerware line :-P
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