Ivan Boesky leaves federal court after the 1987 sentencing.
Misha Erwitt | New York Daily News | Getty Images
Financier Ivan Boesky, central figure in 1980s insider trading scandal, dies at 87 The New York Times reports on Monday.
Boesky, who partially inspired the character of Gordon Gekko in the 1987 film “Wall Street,” was considered a genius at risk arbitrage, the business of buying and selling stocks. His wealth is estimated at $280 million.
But the SEC proved that he received tips from investment bankers about ongoing trades and illegally used those tips before the information was released to the public.
He received leniency for cooperating with a government investigation into an insider trading ring and reportedly taped conversations with his business contacts.
Boesky’s daughter, Marianne Boesky, confirmed the news to the New York Times.
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