This Week in Wall Street History: Martha Stewart — The March 5 Verdict That Shook Main Street
In this episode of This Week in Wall Street History, Todd M. Schoenberger tells the story behind Martha Stewart’s ImClone stock sale, the ensuing federal probe, and the jury verdict reached on March 5, 2004. Learn what happened on December 27, 2001 (the day Stewart sold her ImClone shares), how investigators traced the trades, and why the March 5 conviction — for conspiracy, obstruction of justice and false statements — became a turning point in the public debate over insider trading and corporate accountability. We’ll also cover the aftermath: Stewart’s sentencing, the SEC settlement, and how the episode reshaped both celebrity brands and governance practices for public companies.
Martha Stewart sold 3,928 ImClone shares on December 27, 2001, a day before the company announced unfavorable FDA news and the stock plunged. After a lengthy investigation into ImClone’s founder and company insiders, Stewart was indicted and — on March 5, 2004 — found guilty by a jury of conspiracy, obstruction of justice, and making false statements to investigators. She was later sentenced to prison and reached a civil settlement with the SEC, which barred her from serving as an officer or director of a public company for several years. The case remains a touchstone for how high-profile insider-trading investigations intersect with media, reputation, and corporate governance.
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