004 -Martha Stewart
Martha Stewart was born August 3, 1941 in New Jersey. She wasn’t from a wealthy family but grew up babysitting for famous people like Yogi Berra and Mickey Mantle.
At age 15 she began modeling and had contracts with companies like Unilever and Chanel. She used this to pay her way through college. She continued modeling until her first daughter was born, at which point she left and became a stock broker.
In 1973 she left and began renovating houses and teaching cooking lessons. She founded a catering company with a friend in 1976. From here, she published her first cookbook in 1979, which lead to her first TV show in 1986. Martha Stewart Living Premiered in 1993.
Stewart owned stock in ImClone Systems and sold it in 2001 after receiving nonpublic information from Peter Bacanovic, her broker at Merrill Lynch. She avoided a loss of $45,673 by selling her 3,928 shares.
The next day the stock fell 16%.
An investigation began and she claimed that they sold the stock because it was falling, but the timing was too suspect. Faneuil, Baconovic’s assistant, took a plea deal and gave all the information he had to the prosecutor’s, helping them prosecute Stewart and Baconovic.
Stewart was convicted in March 2004 of felony charges of conspiracy, obstruction of an agency proceeding, and making false statements to federal investigators, and was sentenced to five months in a federal correctional facility and a two-year period of supervised release (to include five months of electronic monitoring). She also paid a 30,000$ fine and returned the money that she gained from her insider trading deal.
She also agreed to a five-year ban from serving as a director, CEO, CFO, or any other officer role responsible for preparing, auditing, or disclosing financial results of any public company but has stayed on as chief creative officer at Martha Stewart Living.
Since her release, she has spoken out about prison conditions and trying to improve conditions for prisoners.
Stewart has not been on dancing with the stars but we thought our listeners may enjoy this video of her mad moves: