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Steven Posner
Son of Corporate Raider Victor Posner; Charged by SEC for Fischbach Corporation Stock Concealment in Collusion with Boesky and Milken
Son and Business Associate of Victor Posner
Overview
Steven Posner was the son of legendary corporate raider Victor Posner and a participant in his father's business empire. In 1988, the SEC charged that Steven and Victor Posner had colluded with Ivan Boesky and Michael Milken to conceal their stock purchases during the 1984 Posner-led takeover of the Fischbach Corporation. While Boesky and Milken agreed to plead guilty to felony counts in relation to their activities in the Fischbach case, the Posners were required to relinquish all financial gains they had made in the deal and to surrender ownership stakes they held in other companies. In 1993, Steven Posner was permanently barred by the SEC from serving as an officer or director of any public company. He was never criminally charged. Steven Posner died on November 29, 2010, at age 67, in a boating accident in Biscayne Bay, Florida.
Key Affiliations
Controversies & Concerns
Charged by SEC in 1988 for colluding with Boesky and Milken to conceal Fischbach Corporation stock purchases
Required to relinquish all financial gains from Fischbach deal and surrender ownership stakes in other companies
Permanently barred by SEC in 1993 from serving as officer or director of any public company
Related Investigations (1)
Criminal Charges & Violations
2 documented violations
SEC Civil ActionStock concealment: Colluding with Boesky and Milken to conceal stock purchases during 1984 Fischbach Corporation takeover(Civil)
SEC Civil ActionSecurities fraud: Scheming to conceal stock ownership in connection with Drexel Burnham Lambert's illegal activities(Civil)
Known Associates & Connections
Victor Posner
Father; corporate raider and Milken client; co-charged by SEC for Fischbach stock concealment
Michael Milken
Drexel junk bond king who SEC alleged colluded with Posners on Fischbach takeover
Ivan Boesky
Arbitrageur who SEC alleged colluded with Posners on Fischbach stock concealment
Sources & Documentation
3 documented sources from official records, investigations, and reports
Personal Information
- Born
- January 11, 1943
- Birthplace
- Baltimore, Maryland
Education
Key Timeline
1943-01-11
Born in Baltimore, Maryland
1984
Posner family launches takeover of Fischbach Corporation; SEC later alleges Steven and Victor Posner colluded with Boesky and Milken to conceal stock purchases
1988-10-01
SEC charges Steven Posner and father Victor Posner alongside Drexel Burnham Lambert with concealing purchases of Fischbach Corporation stock
1988
Required to relinquish all financial gains from Fischbach deal and surrender ownership stakes in other companies as part of SEC settlement
1993-06-01
Permanently barred by SEC from serving as officer or director of any public company
2010-11-29
Died at age 67 in a boating accident in Biscayne Bay, Florida