Ivan Boesky
| Ivan Boesky | |
|---|---|
| Born |
Ivan Frederick Boesky March 6, 1937 Detroit, Michigan |
| Residence | La Jolla, California |
| Occupation | Former stock trader |
| Known for | Insider trading scandal |
| Spouse(s) | Seema Silberstein (divorced) |
| Children | 4 |
Ivan Frederick Boesky (born March 6, 1937) is a former American who is notable for his prominent role in a Wall Street insider trading scandal that occurred in the United States in the mid-1980s.
Boesky was born to a Jewish family in Detroit, Michigan. His family owned several delicatessens and bars in the city. He attended the Cranbrook School in Bloomfield Hills before graduating from Detroit's Mumford High School. He then took courses at Wayne State University, Eastern Michigan University and the University of Michigan. Despite lacking an undergraduate degree, he was admitted to Detroit College of Law (now Michigan State University College of Law) and graduated in 1965. He was apparently admitted to the bar in Michigan. In the 1980s, he served as an Adjunct Professor at Columbia University's Graduate School of Business and at New York University's Graduate School of Business.
In 1962, he married Seema Silberstein, the daughter of a Detroit real estate magnate whose holdings included The Beverly Hills Hotel in California. After his father-in-law’s death, Boesky and Seema won a court battle with her sister and brother-in-law over the hotel’s ownership.
In 1966, Boesky and his wife moved to New York where he worked at several brokerage houses. In 1975, he opened his own firm, the Ivan F. Boesky & Company, with $700,000 (equivalent to $3.1 million in 2016) in seed money from his wife’s family with a business plan of speculating on corporate takeovers. Boesky's firm grew from profits as well as buy-in investments from new partnerships. By 1986, Boesky had become an arbitrageur who had amassed a fortune of more than US$200 million by betting on corporate takeovers and the $136 million in proceeds from the sale of The Beverly Hills Hotel. Boesky was on the cover of Time magazine December 1, 1986.
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