Ivan Boesky: Wall Street stock trader who inspired film character Gordon Gekko dies aged 87

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Ivan Boesky, the notorious former financier who inspired the scheming film character Gordon Gekko, has died at the age of 87.

The stock trader was involved in a high-profile insider trading scandal in the mid 1980s, which eventually saw him fined $100m and jailed for three years. Boesky is said to have inspired the character of Gekko in the 1987 film ‘Wall Street’, with the character’s famous ‘greed is good’ monologue stemming from a speech once delivered by Boesky in which he said: "I think greed is healthy. You can be greedy and still feel good about yourself."

At the height of his career, his wealth was estimated at around $280m. The downfall of Boesky - who was known by the nickname Ivan the Terrible - came after the US Securities and Exchange Commission found that he had obtained tips about deals which had not yet been made public and used this to assist his investments.

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Alongside being fined and jailed for his crimes, Boesky also became an informant. He would go onto record three secret conversations with Michael Milken, who would later pleaded guilty to sex felonies.

Following his release from prison in 1990, Boeksy kept a low profile and lived at a luxury home in California His death was confirmed by his daughter to the New York Times.

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