In 2003, the American television personality and businesswoman was indicted on charges of conspiracy, obstruction of justice, and securities fraud due to her involvement in a December 2001 insider trading scheme surrounding the biopharmaceutical company ImClone Systems. After being tipped off by her broker, Stewart sold about 4,000 shares in the company just a day before the FDA announced an experimental antibody ImClone developed had failed to obtain approval. The wildly successful entrepreneur was found guilty of conspiracy, obstruction of justice, and of lying to investigators after her 2004 trial; resulting in a sentence of 5 months in prison, followed by 5 months of house arrest, and 2 years probation as well as a fine of $30,000. Stewart reported to a minimum security West Virginia prison in October 2004 and was, according to her, given the nickname “M. Diddy”.
#Celebrity #Scandals #2000s #Forgot
