Stewart Estimates $1 Billion Loss Over Stock Trading Conviction

20 November 2009

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Lifestyle guru Martha Stewart's stock trading conviction cost her business $1 billion.

The billionaire U.S. TV host was indicted in 2003 on federal charges ofsecurities fraud, conspiracy, and obstruction of justice stemming from aDecember 2001 stock trade.

Stewart was accused of selling 4,000 shares of ImClone Systems stock based on an insider tip and lying to authorities.

When you are prosecuted in such a way, and a great portion of wealth is dissipated, all I can think of is what I could have done with all that, and for the good of mankind, and I hope I can continue

She was sentenced to fivemonths in prison and five months of home arrest, followed by two years of probation.

In an interview with U.S. news programme Nightline, which is set to airon Thursday night (19Nov09), Stewart candidly addresses the state of herfinances, admitting she regrets the money wasn't allocated to more charitable causes.

She explains, "(My losses are) probably more than a billion dollars... When you are prosecuted in such a way, and a great portion of wealth is dissipated, all I can think of is what I could have done with all that, and for the good of mankind, and I hope I can continue".

However, Stewart insists she has moved on from his trading mistake "How can I kick myself? There are other people to be kicked. Let's get on with the future".

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