
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, May 24, 1990                   TAG: 9005240291
SECTION: BUSINESS                    PAGE: C-6   EDITION: METRO 
SOURCE: 
DATELINE: NEW YORK                                LENGTH: Short

BOESKY ADMITS TO PREVIOUS LYING

Under a blistering cross-examination, Ivan Boesky testified Wednesday that he had lied more times under oath than he could remember before admitting to illegal insider trading in 1986 and beginning his cooperation with government investigators.

The harsh questioning of Boesky, whose downfall and subsequent cooperation touched off a wide inquiry into crime on Wall Street, was the first time that the former stock speculator had been publicly confronted in a case involving someone he had named as having committed illegal acts.

Boesky's testimony came in the securities fraud trial of John Mulheren, former head of Jamie Securities, a defunct stock trading firm, and a Roanoke College graduate and benefactor.

Boesky, 53, implicated Mulheren, a former friend, in his agreement to cooperate with the government.

Under examination by E. Scot Gilbert, an assistant U.S. attorney, Boesky provided details of efforts he undertook with Carl C. Icahn in 1985 to gain control of Gulf and Western Corp., now known as Paramount Communications Inc.

Boesky said that he and Icahn each held 4.9 percent of the company when they visited Martin Davis, its chairman, to discuss a possible leveraged buyout.

When that did not come to pass, Boesky said that he and Icahn agreed to sell their shares back to the company.

- The New York Times

by CNB