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Martin A. Siegel

Summary

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 edit

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.

References edit

  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.

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