Martha Stewart Witness Fined
Faneuil, his lawyers, and prosecutors all declined to comment after the proceedings.
During last winter's trial, Faneuil told the jury that when he told Bacanovic that Waksal and his family were trying to sell ImClone stock, the broker told him he "must" tell Stewart about the development.
He then described his conversation with Stewart about Waksal and testified that Bacanovic repeatedly pressured him to lie to regulators about the incident. He quoted his boss as saying, "Listen, I've spoken to Martha. I've met with her. And everyone's telling the same story. Everyone's telling the same story. . . . We're all on the same page, and it's the truth."
Faneuil also told the jury how he initially misled the Securities and Exchange Commission; how he hired a lawyer who warned him that changing his story could get him in big trouble and then stayed silent for months.
Then, six months into the investigation, Faneuil changed lawyers and went to authorities.
At the trial, Faneuil also endured a withering cross-examination. Bacanovic and Stewart's defense delved into his experimentation with illegal drugs, accused him of being unnaturally obsessed with Stewart and suggested that he was making up his testimony to save his own hide. But he never lost his temper or changed his testimony on any of the key points.
Bacanovic's attorney quoted from Faneuil's e-mails to friends about his run-ins with Stewart, including one where he described her as sounding like "a lion roaring underwater" and another where he boasted "baby put Miss Martha in her place." Faneuil also was subject to some public ridicule when the New York Post published a photograph of him dressed as a 1950s greaser with fake tattoos. A friend testified that he was wearing a Halloween costume.
Today, Faneuil thanked the judge for the way she ran the trial. "Facing an aggressive legal assault on my character, I didn't believe that the truth would carry enough weight to be heard clearly, particularly against rich and powerful people. I was wrong and for that I am intensely grateful."
He also reflected on his experiences, "Two years later, I am a very different man. I am braver and stronger; I am more prepared for moral challenges that lie ahead."
© 2004 The Washington Post Company