May 28, 1986: A Wall Street Journal columnist is found guilty of securities fraud

Friday 28 May 2010

Wall Street Journal writer R. Foster Winans agreed to give two stockbrokers advance notice about companies he planned to mention in his column. The stockbrokers then bought stock in those companies and cashed in when prices rose after the column ran. Winans admitted guilt, was fired from the newspaper and received an 18-month prison sentence, which the U.S. Court of Appeals for the 2nd Circuit upheld. The case came to symbolize the greed and corruption that controlled Wall Street during the 1980s.