Martha Stewart has excelled in various kinds of jobs including as an author, magazine publisher and television host. Furthermore, she was also a highly successful business magnate. She established Martha Stewart Living Omnimedia, which helped her succeed in merchandising, broadcasting and publishing. For those who wish to know more about this highly successful and influential individual, here is a look at her colorful life and history including why Martha Stewart got in trouble.
Involvement and Conviction in a Stock Trading Case
Why did Martha Stewart get in trouble? The problem started in the closing parts of 2001, when she sold all her ImClone shares. A day after that important decision, the value of the stocks significantly fell by 18 percent. In the succeeding months, she received heavy scrutiny from the media. She resigned as a member of the New York Stock Exchange board of directors in October 2002.
The U.S. government indicted her on various counts in June 2003 including charges like obstruction of justice and securities fraud. After that, she willingly gave up her position as Chairwoman as well as Chief Executive Officer of Martha Stewart Living Omnimedia. However, she still acted as the group’s Chief Creative Officer. In January 2004, her trial started.
In March 2004, the court found her guilty of several counts that included making false statements to U.S. federal investigators, obstructing an agency proceeding and conspiracy. In July 2004, she received her sentence including supervised release within a period of two years, a five-month stay in a federal correctional facility. Add to that, the sentence also included home confinement of up to five months.
She started her prison term in September 2004. She was placed at West Virginia’s Alderson Federal Prison Camp in October 2004. In March 2005, the court approved her appeal, which led to her release. However, she was placed for at least five months more under home confinement. She also asked to pay a fine valued at $30,000. The U.S. Securities and Exchange Commission decided to settle the civil case against Stewart in August 2006.
Additional Information and Other Important Details About Martha Stewart
Because of her numerous achievements, “Ladies Home Journal” named her as America’s third most powerful woman. After serving time in prison, she made a comeback in March 2005. She also starred in hit television shows like “The Apprentice: Martha Stewart” and “The Martha Stewart Show.” Under her leadership, Martha Stewart Living Omnimedia released the cookbook entitled “Martha Stewart Baking Handbook” in 2005.