Infamous Wall Street Trader Ivan F. Boesky Dies in La Jolla
Ivan F. Boesky, an infamous Wall Street trader who was involved in multiple scandals, has died in La Jolla on Monday.
Boesky was a central figure in various 1980s insider trading scandals. Although he cooperated with federal authorities and helped to spell the downfall of investment bank Drexel Burnham Lambert, he also served time in prison.
In the time since, Boesky has come to symbolize Wall Street greed. He even served as the inspiration for the character Gordon Gekko in the 1987 drama film “Wall Street.” His legacy, however, seemingly changed the culture of Wall Street. Per the Times, he brought an “aggressive” to what was otherwise a relatively sleepy industry of arbitrage.
At the top of his game in the 1980s, Boesky had a net worth of $280 million, which is about $818 million adjusted for inflation. He had a trading portfolio valued at $3 billion — about $8.7 billion today, according to the New York Times.
According to his daughter, Boesky died in his sleep at his home in La Jolla. He was 87.
Boesky grew up in working-class Detroit and found his fortune by marrying real estate heiress Seema Silberstein. His insider training scandals landed him a three-year prison sentence, of which he served 18 months.
Curious about other high-profile people who have settled in La Jolla and nearby neighborhoods? See our article on 18 celebrities who live in San Diego.
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Mike Peterson is a writer, editor, and strategist based in San Diego. When he’s not writing and editing the La Jolla news, you can often find him practicing yoga, rock climbing, or exploring the outdoors with his wife and dog.
