NEW YORK -- The jury in Martha Stewart's stock-fraud trial says the domestic diva is guilty of all charges facing her.
Combined, the charges against Stewart carry a penalty of up to 20 years in prison. But under federal guidelines, the sentence for could be reduced to less than a year if Stewart is convicted.
The Securities and Exchange Commission also could revoke her seat on the board of her company, Martha Stewart Living Omnimedia, and force her to step down as chief creative officer.
The charges stem from Stewart's sale of shares of ImClone Systems stock in December 2001 a day before the Food and Drug Administration issued a negative ruling on an ImClone drug. The ruling caused the price of ImClone stock to plummet. Federal investigators say Stewart was tipped off about the ruling by ImClone founder Sam Waksal through broker Peter Bacanovic. Bacanovic is also on trial with Stewart.
Security officials began erecting barricades Friday afternoon outside the New York courthouse where Stewart is on trial for conspiracy, obstruction of justice and two counts of making false statements.
Judge: Evidence Is Sufficient To Convict Broker Of Perjury
Jurors resumed deliberations Friday after dropping some hints about what they're thinking. They sent questions to the judge Thursday indicating that they are focusing on the charges against broker Bacanovic, specifically on the perjury charge.
The judge said the testimony of Stewart's assistant and a telephone message log she kept are enough evidence to convict a defendant of perjury.
Bacanovic is accused of lying under oath about a message he left for Stewart on the day she sold her ImClone Systems stock.
He told the SEC that he gave Stewart the price of ImClone stock the day she sold her shares. But his assistant said the message told Stewart the price was about to drop.
Meanwhile, Stewart's company -- Martha Stewart Living Omnimedia -- has released mixed news on how it's doing. It showed a profit for the fourth-quarter but also recorded its first-ever annual loss, as Stewart's legal problems took a toll.
:::>^..^<::: ~*~The Journey is more important than the end or the start~*~ :::>^..^<:::
confused: Let us not forget that Ms. Stewart not only did not co-operate with prosecutors. but cost tax payers money for trial. The guidelines were created just for this reason, so that celebrity status or any influence could not effect outcome. Departure is only suppose to happen if criminal helped and co-operated to help prosecutor's with their case. So how can they depart? Maybe the law is not applied as written. It would be a shame if this happens. Defense attorneys will be using this as a precedent to have the convicted clients given a lessor sentence even though the law says that the judge cannot depart from the guidelines.
Maybe there is a more appropriate thread for this, but I need to say this before I gag. Martha Stewart comparing her plight to that of Nelson Mandela? A lying, thieving corporate criminal comparing herself to a wrongly persecuted world leader? Get over yourself, you stupid elitist.
Oh, and if I happen to lie to the SEC, can I be put under house arrest in your palatial estate? What a bald faced indictment of what is so wrong in this country.
I think I'll bake some cookies. Go to hell, you lying crook.
03-05-2004 08:18 PM
