Martha Stewart Scandal Essay

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Martha Stewart Scandal

... Charges against Martha Stewart and her broker Peter Bacanovic: According to Associated Press (2003) “Count 1: Conspiracy, filed against Martha Stewart and Peter Bacanovic. Conspired together to produce false information in the stock scandal. Maximum penalty: 5 years in prison, $250,000 fine. Count 2: False Statements, filed against Bacanovic. Lied claiming he spoke with Stewart and she told him to sell the shares when they reached $60 per share. He also lied about telling Stewart the stock price fell. Maximum penalty: 5 years in prison, $250,000 fine. Count 3: False Statements filed against Stewart. She lied to the Security and Exchange Commission, FBI and federal persecutors saying that she and Bacanovic made a prior arrangement to sale the stock if it fell below a certain figure. Maximum penalty: 5 years in prison, $250,000 fine. Count 4: False Statements, filed against Stewart. She was not honest in being tipped off that her family friend Waksel were selling their shares in Im Clone. Maximum penalty: 5 years in prison, $250,000 fine. Count 5: filed against Bacanovic. Making and using false documents. He changed paper documents making it look as if Stewart had previously told him to sell when the shares fell. Maximum penalty: 5 years in prison, $250,000 fine. Count 6: Perjury, filed against Bacanovic. He lied several times to the Security Exchange Commission agents about trading of ImClone and talks between him and Stewart. Maximum penalty:...

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Martha Stewart

...PROSECUTING MARTHA STEWART: THE OVERVIEW; Martha Stewart Indicted by U.S. On Obstruction By CONSTANCE L. HAYS Published: June 05, 2003 Martha Stewart was indicted yesterday on charges of conspiracy, obstruction of justice and securities fraud, all linked to a personal stock trade she made in 2001. She pleaded not guilty and pledged to fight the charges. Hours after her arraignment in federal district court in Manhattan, the media and merchandising company she founded, Martha Stewart Living Omnimedia, announced that she was stepping down as chairwoman and chief executive. She will continue as a director and is expected to remain a force as the company's ''chief creative officer.'' [Page C1.] The indictment depicted Ms. Stewart as going out of her way to conceal the circumstances of the sale of nearly 4,000 shares of ImClone Systems, a transaction that investigators say she made after learning that her friend, Samuel D. Waksal, the company's founder, and his daughter were selling their own stock. Indeed, the charges focused less on the trade than on an elaborate cover-up that prosecutors say came afterward. According to the indictment, Ms. Stewart lied to investigators by telling them that she and her stockbroker had previously agreed to sell the shares if their market value fell below a certain price, and altered a phone message from the broker in her assistant's computer ''immediately following a lengthy conversation with her attorney.'' At a news conference......

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Martha Stewart

...on the organization as well as the individual. It will indicate the sentence imposed in regards to committing Business fraud. The (SEC) U.S. Securities and Exchange Commission reported that Martha Stewart did on 27 Dec 2001 receive private information from an employee at Merrill Lynch. This information was used to save her from taking a loss in the stock market. Based on this private information She sold her shares in the ImClone System. By selling all her shares she was able to save $45,673 dollars. It was reported that the day after she sold her stocks the stock market value for ImClone fell 16%. The back lash from this illegal action came to light in the following months. Stewarts reputation suffered. The media had a field day with the information that she had received unpublicized information from her broker at Merrill Lynch. There were several articles headlining this information i.e. Newsweek had a cover indicating “Martha’s Mess”. She went on CBS and was literally grilled by Jane Clayson anchor at that time. During this time she was serving on the New York Stock Exchange as one of the board of directors. As of October of 2002, She had held that position for only four month’s but was forced to resign due to the controversy (BBC,October 4, 2002). Stewarts actions were not only unethical but they were illegal. In June 2003, she was indicted on charges of obstruction of justice (lieing to federal agents), she received 9 counts one of which was......

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Martha Stewart Takes on Time

...Case Analysis Martha Stewart takes on time Summary of the case 1. Some important vocabularies in the case * Franchise- Formal permission given by a company to somebody who wants to sell its goods or service in a particular area. * Retreat- A period of time when somebody stops his/her usual activities and goes to quiet place for prayer and thought an organization event when people can do this. * PIE - A share of money, profits etc. * Stake- Money that somebody invests in a company. - An important part or share in a business plan etc. that is important to you and that you want to be successful. * Division –A large and important unit or section of an organization. * Lavish –Large in amount or impressive and usually costing a lot of money * Threaten -To say that you will cause trouble hurt somebody etc. if you don’t get what you want. * Buyout - A situation in which a person or group gains control of company by buying all or most of its shares. * Backer - A person or company that gives support to somebody, especially financial support * IPO - Initial Public Offering (the act of scaling shares in a company for the first time). 2. Background a) About Time Warner * Time Warner is a very large U.S media and entertainment company selling magazines films television programmers and......

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Martha Stewart Case Study Analysis

...Aretha Jackson, president of a private investment firm received a call from a client asking for her advice whether to invest in Martha Stewart Living Omnimedia (MSLO). Jackson emailed Kate Prescott, director of Research, and asked her to prepared reports for her which will help Jackson assess the risks of investing in MSLO. Prescott delivered three reports to Jackson: one on the MSLO business model, one concerning the company’s core competitors, and one detailing consumer attitudes and behaviors (Herman, 2002). These three reports provided Jackson a complete overview on MSLO and it’s up to her to decide whether it’s favorable to invest in MSLO or not. The MSLO business model report mentioned that on October 19, 1999, MSLO went public. At the close of business day, MSLO reached a market value of $1.73 billion and a stake for Stewart worth $1.21 billion. MSLO described itself as a branded and highly integrated content company dedicated to helping people improve the quality of living in and around the home. MSLO produced original how to information and related product in seven core content areas such as home, cooking and entertaining, gardening, craft, holidays, keeping, and weddings. According to 60 Minutes, Stewart sold “that most indefinable and ambiguous of all products.” MSLO keys areas of strengths were in publishing, television, merchandising, internet and ecommerce (Neal, 2007). The company’s core competitor report defined MSLO’s competition based upon major......

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Case Study: the Trial of Martha Stewart

...Case Study: The Trial of Martha Stewart The United States of America is one of the few western countries which has no clear definitions for “insider”, “insider information”, and “insider trading” in its law system. Therefore, people are sending to prisons for a crime that has not defined yet. It is part of a due process that people have notice of what they are doing is wrong. Martha Stewart was sent to prison, because she sold her ImClone shares as a result of receiving tip from her broker on December 27, 2001. Bacanovic, Stewart’s broker, had routine access to the material, non-public information inside of ImClone which made him an insider. The argument here is whether Martha Stewart is an insider or not? Is receiving a tip makes her an insider? The same way, Sam Waksal, the CEO of ImClone, tipped his family members, an investment advisor, and a physician to sell their shares. However, none of the tippees was convicted with the insider trading crime, except for Martha Stewart. Martha Stewart was not holding any position in ImClone, nor had any routine access to the ImClone’s material, non-public information. Thus, how can she be possibly considered as an insider? It is very brutal to be convicted of a crime which has not been clearly defined in the law system, yet. The criticism here was that Martha Stewart was being used as a scapegoat, a victim. She could easily serve as an example of a high visibility celebrity who committed the insider trading crime. Also, it could be...

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Martha Stewart

...The Martha Stewart Case Professor Beverly H. Lee | AbstractThis is a brief synopsis into the life of Martha Stewart and the legal fortunes or misfortunes of Martha Stewart. We will delve into the various stages in her life and the outcome of the events that transpire in her life. By: Paul Cumberbatch BUSA 2106-200 | Fraud, lying, conspiracy...not terms that any individual generally wants associated with their history, nevertheless with their reputation and personality; even if that individual happens to be Martha Stewart. Her name pronounces itself across cookbooks, magazines and even has its own show on Style and The Learning Channel. It now pronounces itself with yet another captivating theme, as part of one of America's major scandals. As a well-respected author of books on cooking, entertaining and decorating she rose to prominence. It was also due to the expansion of her brand name by means of magazine and television show, and serving as CEO of the Martha Stewart Omnimedia. However; as it would come as an ironic coincidence that she would have to go to court which subsequently led to Ms. Stewart’s resignation from her post as CEO amid allegations of insider trading in 2002. Martha Stewart was born on August 3, 1971 as Martha Kostyra in New Jersey. She was the second of six children as she grew up in Nutley, New Jersey. By Age 13 she was working a model, making appearance in fashion shows, television and printed advertisements. As time went along she began......

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Hbs Martha Steward Case

...HBS Martha Steward Case Assignment Questions 1. In what ways did Stewart’s control of shareholder voting rights disrupt the functioning of the board? How did her control of the board interfere with directors’ carrying out their fiduciary duties? Stewart highly influenced and controlled all aspects of the company and board of directors. Because Stewart was the founder, major shareholder, and the face of the company it was difficult to bypass her demands and have a fully functional board. The name of the company itself was Martha Steward Living Omnimedia and at the end of the day the firm was founded on her image and work. On top of that, having over 90% of the shareholder voting rights and a big ego proved to be detrimental to the company’s well being. No matter what the board would advise or how good the vision of new CEO’s were she would always decline their plans and eventually make them resign. Furthermore, she appointed most of the board members. Just to name a few people, CEO Sharon Patrick was someone she met on a hiking trip to Kilimanjaro, Frederic Fekkai on the board was Martha’s hairdresser, Charlotte Beers and Michael Goldstein were also appointed by Martha. By her having the most control and appointing a board that back her up no matter what left many executives who wanted to make changes with their hands tied. 2. What changes in the makeup of the board would have improved governance? Had there been a more diverse group that was searched for by......

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The Trial of Martha Carrier

...330-333 “The Trial of Martha Carrier” is an English Biography that took place at the Court of Oyer and Terminer, and was held by Adjournment at Salem on August 2, 1692 of a woman named Martha Carrier who was indicted for the bewitching of certain persons. Before the trial of this prisoner first begins, a few of her children confesses that they were witches too because their mother made them so. From the confessions of these children, there was enough evidence to proceed upon this trial. Martha Carriers reasons for bewitching was because the devil made a promise to her that she would become the Queen of Hebrews. These certain persons that Martha Carrier bewitched had testified against her during the trial because she pleaded “not guilty” to her indictment. There were six people total named Benjamin and Sarah Abbot, Allin Toothaker, John Rogger, Samuel Preston, and Phebe Chandler. They each shared their experiences of suffering pain that Carrier had caused including her children as well. The first testimony began with Benjamin and Sarah Abbot where they explained how angry Martha was, and what her anger had caused. Martha had told Benjamin that she would “hold his nose as close to the grindstone as ever it was held since his name was Abbot” (Norton 330). Benjamin later started swelling in his foot, and was being extremely tormented. Sarah Abbot had testified about her husband’s cattle strangely dying of no natural causes. Allin Toothaker had testified that the son of Martha......

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Martha Stewart

...successful business women in America, Martha Stewart has been recognized for her successful business ventures in broadcasting, merchandising, publishing as well as a spokeswoman. Martha Stewart is a self-made entrepreneur with a fixation for money and never having enough. Stewart is a relentless workaholic who wished to earn every penny possible. Martha Stewart was known to be rude, profane, impatient and self-centered. Her coworkers had witnessed her fits of anger and never heard her apologize or admit she was wrong. Her stubborn compulsive and greedy personality is what would eventually lead to the downfall and public scrutiny of Martha Stewart. Martha Stewart was bashed by numerous media outlets for selling nearly 4,000 shares of ImClone right before the stock took a devastating drop in the price per share. Stewart was the topic of conversation as media headlines brought serious attention to the questionable stock trade. Headlines such as “Martha’s Prison Everyday Collection” from the New York Post and other negative publicity aroused from big name media sources. All this negative publicity destroyed Martha Stewart and her image however it came as a relief to Douglas Faneuil the stockbrocker’s assistant who played a crucial role in the ImClone trade. “In many ways, the intense press coverage and public mention of Stewart’s involvement came as a relief to Faneuil. He didn’t feel so alone. It wasn’t just him against Peter and Martha. This thing was much bigger.......

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Martha Stewart

...Martha Stewart Martha Stewart is an author, editor, and a homemaking advocate. Over the last two decades Stewart has held a prominent position in the American publishing industry. She was the author of several books, hundreds of articles on the domestic arts, editor of a national homekeeping magazine, host for two popular daytime television programs, and commercial spokeswoman for K-Mart (Wikipedia). At the height of her career, Stewart’s success came to an abrupt hault as she encountered many hardships that were responsible for her undesireable reputation and diminished trust in the business world. In December 2001 Stewart held 3,928 shares in ImClone, a New York-based biotech firm. On the morning of December 27, Aliza Waksal, the daughter of the firm's CEO, Sam Waksal, told Douglas Faneuil, the assistant to Stewart’s Merrill Lynch broker, Peter Bacanovic, to sell the ImClone shares in her account. Soon after, Sam Waksal's accountant tried to sell Sam's shares as well. Faneuil told Bacanovic about the Waksals' desire to sell, and Bacanovic quickly called Stewart, leaving a message that ImClone's stock was going to start trading downward. Stewart sold her ImClone shares on the afternoon of the 27th. The following day, December 28th, The Food and Drug Administration reported publicly that ImClone’s promising cancer drug Erbitux was not going to be approved. After the announcement, ImClone’s stock fell sharply and Martha Stewart saved around $45,000 by selling early......

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Martha Stewart Inside Trading

...information from a spouse, parent, child or sibling (unless it can be proven that such a relationship has not and does not give rise to confidentiality)" (Reem Heakal). It all began about a year after Martha Stewart sold 3,928 ImClone shares in late 2001 a day before a rigid slow down sent the stock tumbling. The stock market world was waiting for the FDA to make a decision on Erbitux. The pharmaceutical company ImClone was denied for a new drug Erbitux, which the company promised to be a cancer drug. Marta Stewart received information from her broker Peter Bacanovic to sell her stock. Bacanovic unlawful inside tip was that other clients of his which included CEO of ImClone Samuel Waksal and his daughter, where selling all of their stock in ImClone that was held by Merrill Lynch. Waksal knew at the time of his order to sell that the FDA was not going to approve the Erbituz application. Under Merrill Lynch’s policies the information of Waksal sale was confidential and "under Merrill Lynch policies, which prohibited employees from disclosing client transactions or effecting client trades on the basis of other client transactions"(SEC.gov). Bacanovic broke sec guild lines and his own company policy by telling Marta to sell her shares in ImClone. Bacanovic had his secretary tell Marta Stewart that Waksal and his daughter had sold all of their shares in ImClone that were being held at Merrill Lynch and then Marta instructed Bacanovic to sell all of her shares in the company. The......

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Martha Stewart Case

...MGMT 4500 Martha Stewart Case May 9, 2012 What were some of Martha Stewart’s illegal or unethical actions? What made her take these controversial actions? What would you have done if you had received a similar call from your broker? When Martha Stewart knew “ImClone is going to start trading downward”, which is the nonpublic information, from Bacanovic’s phone message, she tried to connect with Sam Waksal to learn more information and then, she sold all her ImClone shares. This should be a kind of illegal insider trading. During the period that Stewart and Bacanovic were interviewed by SEC, FBI, and U.S. Attorney’s Office, they had unrecorded meeting and Bacanovic changed worksheet. Stewart denied knowing the message from Bacanovic even though she just changed the content of the message. She declared that she did not know any nonpublic information at the time. And she told a lie that she had a preexisting agreement to sell ImClone’s shares if the price fell below $60 a share. She tried to deny her illegal insider trading misdeed and conspired with Bacanovic to conceal evidence for covering the truth. The actions cheated the government attorneys to hamper their investigation. And she had made a series of false statements about her innocence to mislead investors and prop up her company’s share price. During the trial, the lead prosecutor Karen Patton Seymour argued that Stewart’s motive is “a desire to protect her ‘multimillion dollar business......

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Marta Stewart Case Study

...Investors were worried that this would put a bad image over Martha’s reputation and in turn would stop buying Martha’s products. They also saw it as Martha Stewart was the brains behind MSO and if she went to jail where would the ideas come from to keep the company going? So reduced profits mean that investors will be less likely to pay less for the shares. Martha’s Stewart’s target market is made of up women and men alike who are interested in good product but also interested in the Martha’s reputation and character. They like her for who she is and therefore like her product. You wouldn’t be buying a product from her if she wasn’t a savvy business woman who knew her product. She identifies with the homemakers who are interested in the good wholesome value products. 7. yes. If she would have just responded to the charges to begin with and been upfront in the investigation she would looked innocent. She seemed like she was guilty the whole time because she kept scooting around the questions and even kept her cell phone records. Why not let them have them? 8. She could have provided her cell phone records. She could have donated the $45K to charity. If she really did have a agreement with her broker to sell if it dropped, then produce an email. Usually these types of things are in some from of an agreement. 9. It is simple that it is unfair. Why should other people have privileged information before someone else? Why should someone else become......

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Martha Stewart

...Throughout the case study on Martha Stewart, evidence provided illustrates how public relations can alter the image of a national personality in both negative and positive lights. In particular, the case illustrates how Stewart’s initially poor public relations responses tarnished her image and, only after changing her tactics, did she actually work toward correcting the problem. Ultimately, the Martha Stewart case is pivotal in illustrating how the power of public relations, if used correctly, can revamp a person’s public portrait----even if formal charges of criminal activity exist. Martha Stewart, a “model student” and iconic legend of the kitchen, has been world renown for her success and outspokenness in the past; however, upon receiving allegations of insider trading, Stewart actually became a ‘silent diva’ by inevitably isolating herself from all media and society (Seitel, 17-18). Although this initial public relations response helped Martha avoid responding to the pressing questions from the media, I believe that her silence was counterintuitive to proving her innocence in the sense that her natural personality was “typically feisty” (18). Using logical thinking, most Americans accused of a crime that they were not responsible for would protest, appeal, and flat out become outraged----actions that an already “feisty” Stewart surely would have carried out had she truly believed in her innocence. By remaining silent and withdrawing from her daily life on......

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Martha Stewart Essay

Martha Stewart, founder and CEO of her own multimillion dollar corporation, Martha Stewart Living Omni media was indicted, on charges of lying to investigators, securities manipulation, and obstruction of justice. She was sentenced to five months in a West Virginia state woman’s prison and 5 months on house arrest. Originally it was said that Ms. Stewart was indicted on charges of insider trading, however obviously those charges could not be proven. After a year and a half investigation, she was indicted on totally different charges. Ms. Stewart’s stock broker at the time Mr. Bacanovic, who was employed at Merrill Lynch Investment Company, was also indicted on the same charges. Mr. Bacanovic had his assistant call and give Ms. Stewart non-public information about one of his companies other clients and how the stock in this particular company, Imclone biotech would be dropping the next day. After receiving this information Ms. Stewart authorized her stock broker to sell her stocks in Imclone biotech. She had almost 4,000
shares of stock in the biotech company. This company was said to be on the verge of marketing a new drug that would have a big break in cancer treatment. However it was found out that the Food and Drug Administration would not be approving this particular drug. With this new drug being the companies leading product to lure investors, the President of Imclone knew that the stocks would drop once the announcement was made public. Around the end of December 2001, Imclone’s CEO Sam Waksal, also a client of Merrill Lynch started illegally transferring his stock to his daughter. The intent was to have the daughter start selling off the stock before the FDA made its announcement about not supporting the drug. That’s when Ms. Stewart’s stock broker had his assistant notify her of the upcoming situation and she decided to sell her stocks before she lost too much money. That is said to be insider trading, having received any type of information that was not made available to the public. I don’t understand why the stock broker, who worked for her and got a commission for what he does. His job was to ensure that her portfolio stayed profitably healthy and looking good. But the Securities and Exchange Commission had a different view about the situation and started an investigation of these particular activities. I don’t know if Ms. Stewart really thought she was doing anything wrong at the time but her values seemed to be that of what ever can protect her and her money by any means necessary that’s what she would do. It would seem money was in her top three of things she valued. However I don’t know how many people who found out that the President of a company that they owned stock in was selling his stock and not try to sell theirs also, regardless of how they found out. The President of Imclone had his daughter start selling off stock, and that raised a red flag. As the investigation proceeded it was inevitable that...

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The case against Martha Stewart surrounded her sale of shares in ImClone Systems Inc., Had she acted responsibly?

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