Monday, June 17, 2024

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Peter Bacanovic Barred from Securities Industry

Peter Bacanovic, the former stockbroker convicted of helping Westport’s Martha Stewart lie about a 2001 stock sale, has been barred by securities regulators from working for a broker or investment adviser.

The ban was agreed to Friday by Bacanovic and the Securities and Exchange Commission and became known today.

Bacanovic and Stewart were each sentenced to five months in prison and five months of house arrest after they were convicted in March of lying about why Stewart sold 3,928 shares of ImClone Systems Inc. on Dec. 27, 2001.

The federal judge overseeing the case allowed both to stay out of prison while they appeal their convictions.

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