Ivan Boesky, convicted of insider trading in 1980s, dies at 87

Ivan Boesky, who reached the pinnacle of fame and fortune as a high-flying Wall Street arbitrageur in the 1980s only to be exposed as a cheat in the insider-trading scandal that defined the era, has died. He was 87. The New York Times reported his death, citing his daughter, Marianne Boesky. No details were immediately available.

After six years of betting on the stocks of companies that were in play, he formed a new fund, just in time for a wave of takeovers that changed the landscape of corporate America. In 1984, Boesky earned more than $100 million from Texaco Inc.’s acquisition of Getty Oil Co. and Chevron Corp.’s purchase of Gulf Oil Co., according to a 1984 Atlantic magazine story. The following year, he earned an estimated $50 million when Philip Morris Cos. acquired General Foods Corp.

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