(Reuters) – Ivan Boesky, the financier who was a central figure of the 1980s insider trading scandals, has died at the age of 87, the New York Times reported on Monday.
Boesky, who partly inspired the Gordon Gekko character in the 1987 movie “Wall Street,” was at his peak considered a genius at risk arbitrage, the business of speculating in takeover stocks, and his wealth was estimated at $280 million.
But the U.S. Securities and Exchange Commission proved he obtained tips from investment bankers about deals in the works and used them illegally before the information was released to the public.
He won leniency by cooperating in the government’s investigation of insider trading rings and reportedly taped conversations with his business contacts.
The death was confirmed to the New York Times by Boesky’s daughter, Marianne Boesky.