Martha Stewart Conviction Upheld
The conviction of celebrity homemaker Martha Stewart has been upheld by a federal appeals court after she pursued an appeal having been sentenced for lying to investigators about selling stock that had declined in price. Although Stewart completed her sentence last year she decided to carry on with the appeal, but the conviction was upheld by the 2nd U.S. Circuit Court of Appeals in Manhattan.The written ruling upheld the convictions of both Stewart and the former broker, Peter Bacanovic. The convictions were relating to the sale of nearly 4,000 shares of ImClone Systems Inc. stock in 2001. Just after the sale the share prices plummeted.
The courts stated that despite the various challenges put forward about the convictions by 64-year-old Stewart and 43-year-old Bacanovic, there was no basis on which to change or challenge the original verdict by the jury.
Following conviction, Stewart served 5 months in jail last year, followed by 5 months home detention. Bacanovic served 5 months in jail, a sentence which was also completed last year.
Topic Added January 17th, 2006
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