Financial Daily from THE HINDU group of publications
Sunday, Mar 07, 2004
Financial Daily from THE HINDU group of publications Sunday, Mar 07, 2004 |
||
|
|
||
|
Markets
-
Economic Offences Martha Stewart found guilty — `I will appeal the verdict' Sridhar Krishnaswami
Washington , March 6 IN what is being called a "devastating" verdict, the Jury in the Martha Stewart case has found her guilty on all four counts, including conspiracy and obstruction of justice. The charges, it is being pointed out, will attract some 20 years in prison at sentencing on June 17 but under federal guidelines she is expected to get a much lesser sentence. Ms Stewart was found guilty of conspiracy, making false statements and obstruction of justice; and her ex-stockbroker was convicted of conspiracy, perjury, making a false statement and obstruction of justice. The one charge against him of making a false document was thrown out. The Stewart jury of eight women and four men reached their verdict in New York after three days of deliberations. Trading in the Martha Stewart Living Omnimedia was halted after the verdict. The crux of the charges against Ms Stewart was that she unloaded some $238,000 worth of ImClone stocks on December 27,2001 a day before the Food and Drug Administration rejected ImClone's application for approval in cancer treatment. The formal announcement by the FDA sent ImClone's stocks getting rapidly down in value. Ms Stewart and her broker claimed that there was a prior agreement to unload the ImClone stocks if they went below a certain level. The prosecution argued that this so-called was not only phony but also that Ms Stewart got wind of ImClone CEO trying to dump his stocks. The premier homemaker whose empire now is very much uncertain has vowed to fight the verdict and continues to maintain her innocence. "I am obviously distressed by the jury's verdict but I continue to take comfort in knowing that I have done nothing wrong. I will appeal the verdict and continue to fight to clear my name," Ms Stewart has said in a Statement.
More Stories on : Economic Offences | Gender
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|