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James Sherwin
Convicted Stock Manipulator; Vice Chairman of GAF Corporation
Vice Chairman, GAF Corporation
Overview
James Sherwin was the vice chairman of GAF Corporation who was convicted of manipulating GAF's stock price during a hostile takeover attempt of Union Carbide in the mid-1980s. Sherwin directed brokers to make artificial trades to inflate GAF's stock price, creating a false impression of market demand. The case required three trials (two ended in mistrials) before a jury convicted Sherwin in January 1990 of stock manipulation. He was sentenced to six months in prison. The case demonstrated how stock manipulation was used as a tool in the corporate takeover wars of the 1980s.
Key Affiliations
Controversies & Concerns
Directed artificial trades to inflate GAF Corporation stock price during Union Carbide takeover attempt
Required three trials before conviction (two prior mistrials)
Case demonstrated how stock manipulation was integral to 1980s corporate raider tactics
Related Investigations (1)
Criminal Charges & Violations
2 documented violations
15 U.S.C. 78j(b)Stock Manipulation: Directing artificial trades to inflate GAF stock price(Federal)
18 U.S.C. 371Conspiracy: Stock manipulation during Union Carbide takeover attempt(Federal)
Sources & Documentation
1 documented sources from official records, investigations, and reports
Personal Information
- Born
- Unknown
- Birthplace
- United States
Education
Key Timeline
1986-1987
Directs artificial trades to inflate GAF Corporation stock during Union Carbide takeover attempt
1988
First trial ends in mistrial
1989
Second trial ends in mistrial
January 1990
Third trial results in conviction for stock manipulation and conspiracy
1990
Sentenced to 6 months in federal prison