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BRIEFLY

Boesky was barred from the securities industry.

May 26, 1987

In a largely symbolic action, the Securities and Exchange Commission formally barred inside trader Ivan F. Boesky from doing business with any investment firm. The SEC first issued the permanent bar order last Nov. 14, when Boesky settled an SEC complaint charging him with insider trading and agreed to pay a $100-million penalty. However, the Nov. 14 order was temporarily stayed to allow Boesky to close out his businesses. The stay allowed him to continue associations with any firm he was engaged with as of that date until further order, but not later than April 1, 1988. The SEC said the temporary stay was no longer an issue because Boesky had dissolved all business associations with dealers that were in effect as of Nov. 14. Therefore, the SEC said, the permanent bar was in effect.

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