Ivan Boesky, the notorious figure in insider trading whose actions epitomized financial greed and served as inspiration for Gordon Gekko in the 1987 movie “Wall Street,” has passed away at his residence in the La Jolla area of San Diego at the age of 87.
His passing was confirmed by his daughter, Marianne Boesky, to CNN on Monday, stating he died peacefully in his sleep.
“He was first and foremost a dedicated and loving father. He was a beautiful soul who inspired me to work hard, care deeply, and maintain a sense of curiosity,” she shared in a caption on an Instagram post from her art gallery’s account on Monday.
In a memorable 1986 commencement address at the University of California, Berkeley’s Haas School of Business, Boesky famously declared that “greed is healthy,” which influenced the iconic “greed is good” speech by Gordon Gekko.
Labelled “Ivan the Terrible” by Time Magazine in 1986, Boesky gained considerable profits from the 1980s corporate takeover wave, utilizing insider information to get a jump on upcoming transactions.
As federal investigators began to uncover insider trading activities on Wall Street, a significant concern for the SEC since the early 1980s, Boesky cooperated with them. He recorded critical conversations and meetings, including those with Michael Milken, known as the “junk bond king,” and educated investigators on stock manipulation, takeover strategies, and corporate raids, as recorded by the SEC Historical Society.
He pleaded guilty to insider trading charges in 1986, resulting in a three-year prison sentence and a $100 million fine, with half directed to returning his illicit profits and the remainder serving as a civil penalty. He was also permanently banned from trading securities.
Born to a delicatessen owner in Detroit, Boesky started his career on Wall Street as a stock analyst at the New York investment bank L.F. Rothschild, after graduating from the Detroit College of Law in 1964. By 1975, with financial backing from his wife’s family, he opened his brokerage firm, Ivan F. Boesky & Company. By spring 1985, he was reportedly the highest-paid broker on Wall Street, with a net worth exceeding $280 million (approximately $820 million in today’s dollars).
Boesky is survived by his wife Ana, their five children, and four grandchildren.
