Former Head of Howard Stern's Accounting Firm Slapped With Probation and Fine
June 9, 2006
Gary Herwitz, the former head of Howard Stern's accounting firm, avoided jail time yesterday when a federal judge sentenced him to probation and a fine for hoarding stock in Sirius Satellite Radio just before Stern's deal with the satcaster was announced. Herwitz, who worked for prominent accounting firm Mahoney Cohen, pleaded guilty to insider trading back in December, just as the Brooklyn U.S. Attorney was preparing to indict him for grabbing 25,000 shares of Sirius. He earned nearly $20,000 when he sold the stock.
"I stand before you today because I unequivocally made the biggest mistake of my life," Herwitz told Brooklyn federal court Judge Nicholas Garaufis, according to the New York Post. "No one's been harder on themselves than me."
Herwitz was facing up to 16 months in jail, but the judge took it easy on the accountant, giving him two years probation and ordering him to pay a $20,000 fine and complete a mental health treatment program. Judge Garaufis concluded that, due to undisclosed family issues, "No purpose would be served in sentencing the defendant to a period of incarceration," according to the Post.
Meanwhile, former radio personality Wayne Perry is campaigning for Howard Stern to get a star on Hollywood's Walk Of Fame. Perry, who was known as the “Mad Minute” commentary guy on a New York television station and also hosted the Mad Radio Show on Albany’s FM Talker 93.7, now owns SiCap Industries.
"Howard Stern is radio’s greatest pioneer. Anyone who disputes that fact is either misinformed, or they just refuse to accept the truth," Perry said in a press release. "As a young man, I based my TV and radio career on what I learned from listening to Howard. He’s like the Lenny Bruce of radio, but far more honest. Obviously my media career fizzled, but Howard’s influence actually helped the business I have today. Honesty is the key and that’s why Howard is such a star."
To further the cause, Perry's company, SiCap Industries, has started a national campaign to get Stern his star. Since it costs money to get a star on the Walk Of Fame, the company has committed a percentage of sales from its Sinus Buster product to obtain the goal. Next June they plan to officially nominate Stern for the star. SiCap has established a special escrow account for the “Howard Stern Walk Of Fame Project." A percentage of every sale on their Web site will go to the fund.