Ivan Boesky, the Real-Life Inspiration Behind Gordon Gekko in ‘Wall Street,’ Passes Away at 87 | Global News

Ivan Boesky, the infamous financier who became synonymous with the phrase “greed is good” before being embroiled in one of the biggest Wall Street insider trading scandals of the 1980s, has passed away at the age of 87, as reported by the New York Times.

Boesky, who inspired the character Gordon Gekko in the movie “Wall Street,” was known for his expertise in risk arbitrage and amassed a wealth estimated at $280 million. His downfall came swiftly after declaring that greed was a positive trait in a commencement speech at the University of California Berkeley business school in 1986.

Despite his initial success, Boesky was indicted on charges of insider trading just months later, leading to his disgrace, financial ruin, and imprisonment. He gained notoriety for his involvement in merger deals and was accused of obtaining illegal tips from investment bankers to gain an unfair advantage in the stock market.

Boesky cooperated with the government’s investigation into insider trading rings, ultimately testifying against other prominent figures like Michael Milken. He received a relatively light sentence of 3-1/2 years in prison, a $100 million fine, and a lifetime ban from trading securities.

Born in Detroit in 1937, Boesky rose to prominence on Wall Street in the 1980s before his dramatic fall from grace. After serving his time in prison, he maintained a low profile, reportedly enrolling in rabbinical studies and engaging in charitable projects to help the homeless.

Boesky’s daughter, Marianne Boesky, confirmed his passing to the New York Times, but further details about his death were not immediately available. The legacy of Ivan Boesky serves as a cautionary tale about the perils of unchecked greed and the consequences of unethical behavior in the financial world.