Martha Stewart's Broker Agrees to SEC Ban

Peter Bacanovic (search), the former stockbroker convicted of helping Martha Stewart (search) lie about a 2001 stock sale, has been barred by securities regulators from working for a broker or investment adviser.

Bacanovic and the Securities and Exchange Commission (search) agreed to the ban Friday.

Stewart and Bacanovic were each sentenced to five months in prison and five months of house arrest after they were convicted in March of lying about why Stewart sold 3,928 shares of ImClone Systems Inc. (IMCL) on Dec. 27, 2001.

The federal judge overseeing the case allowed both to stay out of prison while they appeal their convictions.

Bacanovic spokesman did not immediately return a call Monday.