why did martha stewart go to jail

why did martha stewart go to jail

why did martha stewart go to jail

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Who is Martha Stewart?

Martha Stewart  is an entrepreneur and media personality who found success and fame through a variety of business ventures. As the founder of Living Omnimedia, Stewart has written a number of best-selling books,

is the publisher of Martha Stewart Living magazine, and has hosted two syndicated TV shows – Martha Stewart Living from 1993 to 2004 and Martha – which ran from 2005 to 2012.

Early Life and Education

Stewart was born Martha Kostyra, on August 3, 1941, in New Jersey. The second of six children,

Stewart grew up in Nutley, New Jersey, a working-class community near New York City. She worked as a model from the age of 13, appearing in fashion shows as well as television and print advertisements.

Stewart attended Barnard College in Manhattan, where she earned a degree in European and architectural history in 1962. While at Barnard, she met Andy Stewart, a Yale law student, and the two married in 1961. Six years later, after the birth of their daughter, Alexis,

Stewart went to work as a stockbroker for the boutique firm of Monness, Williams, and Sidel. She worked on Wall Street until 1972, when the family moved to Westport, Connecticut.

why did martha stewart go to jail
why did martha stewart go to jail

Why did Martha Stewart go to jail?

In December of 2001, Martha sold almost 4,000 shares of ImClone Systems, which was a biopharmaceutical company that specialized in creating oncology medication. The day after she sold her shares, the company’s stock value dropped 16%. If Martha had kept her shares, she would have lost more than $45,000 as a result of the drop in value, according to the Securities and Exchange Commission (SEC).

The chef had been advised by Peter Bacanovic, her broker at Merrill Lynch, to sell her ImClone Systems share when she did.

Following the news that Martha had conveniently dropped her shares right before a big drop, the media scrutinized whether she had received insider knowledge. Though she was asked on air to respond to the insider trading allegations, she chose to remain silent. This only fueled the speculation.

In October of 2002, Martha stepped down from her board of directors position at the New York Stock Exchange because her legal team had struck a deal with Peter Bacanovic’s assistant, Douglas Faneuil.

Six months later, in June of 2003, she was indicted on nine counts, which included obstructing justice and security fraud. She stepped away from her CEO position at the Martha Stewart Living Omnimedia, but she remained on as the chief creative officer.

Her trial began in January of 2004, and evidence came out that Bacanovic was given information that ImClone’s CEO, Samuel Waksal, was selling all of his shares in the company. The company had lost a crucial battle with the FDA, and Waksal alerted Bacanovic ahead of the publicization of that news. Bacanovic then advised Martha to sell her shares.

How long was martha stewart in prison?

On July 16, 2004, Stewart was sentenced to five months in prison and five months of home confinement,

in addition to being fined $30,000 and given two years probation. She could have received up to 16 years in prison. Stewart requested to serve her time immediately and was sent to the minimum-security facility in West Virginia on October 8, 2004.

Despite fears that Stewart’s legal battle might devastate her financial empire, Martha Stewart Living Omnimedia’s stock price climbed dramatically during her incarceration,

with values quadrupling by the time of her March 2005 release. During her subsequent home confinement,

Stewart was forced to wear an electronic ankle bracelet to monitor her movement and was able to leave home for only 48 hours each week and only to go to work. Immediately upon completion of her sentence, she began work on two new NBC television shows.

Where is Martha Stewart today?

After her release from prison, the 78-year-old went back to work to expand her media empire and plan her comeback. She launched a new talk show, hosted a season of The Apprentice, and has released several more cookbooks.

Stewart has also released several more cookbooks, and teamed up with Snoop Dogg for Martha & Snoop’s Potluck Dinner Party.

“Although she was barred from acting as director for her company for five years, she continued to control 50 percent of the company’s stock and 90 percent of its voting stock,” Mashed reports.

” In fact, during her time in prison, the value of her stock doubled,

and she had become a billionaire once more by 2006. Today, she refers to her stint in jail as nothing more than her ‘horrible legal problem.’”

why did martha stewart go to jail
why did martha stewart go to jail

Martha Stewart Net Worth

Martha Stewart’s net worth is predicted to be in the range of $400 million by 2020, down from over a billion dollars. She is an American retail businesswoman, writer, and television personality. She made a name for herself as the founder of Martha Stewart Living Omnimedia,

which included publishing, television, merchandising, and e-commerce. She is the author of multiple best-selling books, the publisher of Martha Stewart Living magazine, and the host of two syndicated television shows Martha Stewart Living (1993–2004) and Martha (2005–2012). Martha Stewart became a billionaire for the first time in 1999, when her firm, Martha Stewart Living Omnimedia, went public.

Martha Stewart gave a Christmas update from prison

On December 22nd, 2004, Martha Stewart posted a note on her website, offering fans an update on her time behind bars.

Stewart insisted that she was doing “fine” in prison. “I look forward to being home,” she wrote,

“to getting back to my valuable work, to creating, cooking, and making television. I have had time to think, time to write, time to exercise, time to not eat the bad food, and time to walk and contemplate the future.”

She also revealed that her official prison job had been cleaning. “But like everyone else here,” Stewart said, “I would rather be doing all of this in my own home, and not here — away from family and friends.” At the time, People noted (via CNN) that the celeb homemaker had sat down for Thanksgiving dinner with a convicted cocaine dealer.

Rounding off her note, Stewart voiced the need for America to move towards rehabilitative justice. She wrote:

“I beseech you all to think about these women — to encourage the American people to ask for reforms,

both in sentencing guidelines, in length of incarceration for nonviolent first-time offenders, and for those involved in drug-taking. They would be much better served in a true rehabilitation center than in prison where there is no real help, no real programs to rehabilitate,

no programs to educate, no way to be prepared for life “out there” where each person will ultimately find herself, many with no skills and no preparation for living.”

martha’s friends in prison

Prisons are known for being pretty rough places — especially the more hardcore joints. Luckily, however, FPC Alderson isn’t exactly full to the brim with race gangs and mafia kingpins,

so inmates are afforded a few more opportunities to make friends than you might find in some of America’s more secure facilities.

And as it happens, Martha Stewart herself made far more friends in prison than just Lisa Guarino. In fact, Stewart made a number of pals on the inside,

including one group of friends with whom she was still keeping in touch at least three years after her release. “Some of the women who became my friends while I was incarcerated have visited with me,” Stewart told Fortune magazine (via Irish Examiner). “There are some very interesting women there of great value to society,

and I keep in contact with them. We have some broken systems in this country — one is the prison system.”

why did martha stewart go to jail
why did martha stewart go to jail

Interesting Facts about Martha Stewart

While in high school she babysat the kids of New York Yankees members Mickey Mantle and Yogi Berra.
She had become a member of the board of directors of the New York Stock Exchange just four months prior to the outbreak of her insider trading scandal.
She doesn’t like bananas, but loves hot dogs.
Her net worth actually increased significantly while she was in jail.
She likes rap music, especially Eminem.
She named her bulldog Francesca, after someone she met while in prison.
Martha is an early riser, getting up at 5 a.m. most days to go for a hike.

Martha Stewart Omnimedia

Always demanding to take full control of her own destiny,

Stewart left Time Warner in 1997 to form her own multimedia company. As a result, Stewart was Chairman and CEO of Martha Stewart Omnimedia, a $200 million dollar company. The cornerstone of the company was Stewart herself. Her television show,

which appeared on 185 stations, and her radio show, which was carried on 260 stations, were both produced by Omnimedia.

Stewart achieved every goal she has set. Arguably, she was more recognizable than Betty Crocker. Martha Stewart Living magazine had a circulation of 2.1 million. She got 925,000 visitors to her web site every week. Revenues for her K-Mart-sponsored Martha Stewart Everyday collection reached $1 billion. In her free time,

Stewart continued to write books (also released in several foreign languages) and had more than 25 bestsellers to her credit.

Like most popular culture icons, Stewart had her supporters and detractors. She was parodied relentlessly on Saturday Night Live and inspired the farcical magazine, Is Martha Stewart Living? However, the number of viewers, readers, and listeners do not lie. Stewart told MSNBC’s Matt Lauer,

“My whole business has been based on the pursuit of perfection and the pursuit of accuracy and good information and good inspiration. So if I am ever, you know, called difficult to work for, it’s by people who really don’t care about those qualities in work. But my whole life is based on those qualities.”

Labeled “the world’s No. 1 living mega-brand” by Fortune magazine,

Stewart sits atop an empire built on the simple premise that domesticity is good and should play an important role in society. Perhaps Stewart’s entire life can be summed up by the assertion she wrote in her high school yearbook, “I do what I please and I do it with ease.”

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