LoKyBuckeye
I give up. This board is too hard to understand.
http://money.cnn.com/2004/03/05/news/companies/martha_verdict/index.htm?cnn=yes
Stewart found guilty
Jury finds the style maven guilty on all four counts against her in obstruction of justice trial.
March 5, 2004: 3:15 PM EST
NEW YORK (CNN/Money) - A jury found Martha Stewart guilty on all four counts against her in her obstruction of justice trial Friday.
Her ex-broker Peter Bacanovic was found guilty on four of the five charges he faced.
The jury deliberated for three days after a five-week trial before reaching its verdict.
The panel of eight women and four men began deliberating Wednesday on whether Stewart and her ex-broker, Peter Bacanovic, obstructed justice and lied to the government about her sale of ImClone stock in December 2001.
Stewart, 62, was charged with conspiracy, obstruction of justice and two counts of making false statements – charges that together carry a penalty of up to 20 years in prison.
Bacanovic, 41, had been charged with making false statements, making and using false documents, conspiracy, perjury and obstruction of justice – with a maximum prison term of 25 years.
He was acquitted on the making and using of false documents charge.
Prosecutors argued that Stewart sold her ImClone stock only after Bacanovic told his assistant to tip her off that ImClone founder Sam Waksal was trying to sell. Stewart and Bacanovic had told investigators they had an arrangement to sell once the stock fell to $60.
Bacanovic was broker to both Stewart and Waksal, who is serving a seven-year prison term after pleading guilty to securities fraud over his family's sale of ImClone shares.
Bacanovic's former assistant, Douglas Faneuil, the government's star witness in the case, testified that his boss ordered him to pass an inside tip about ImClone to Stewart.
Despite the intense publicity surrounding the trial – the most closely watched of the recent corporate fraud cases – the stock trade at its center involved a relatively small amount of money.
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