MARTHA STEPS DOWN(Posted: 03/25)

Teaser: Home décor diva Martha Stewart is putting down the apron for a while, and may have to acquire a taste for orange jumpsuits. Stewart was cleared of her most serious charge, securities fraud, which carried a stiff maximum penalty of 10 years jail time and a fine of $1 million.

Home décor diva Martha Stewart is putting down the apron for a while, and may have to acquire a taste for orange jumpsuits.

Stewart was cleared of her most serious charge, securities fraud, which carried a stiff maximum penalty of 10 years jail time and a fine of $1 million. The Securities and Exchange Commission, however, has filed a civil suit in hopes to bring her down for criminal insider trading. Additionally, on March 5, Stewart was formally convicted on four counts, including obstruction of justice, conspiracy, and lying to investigators regarding the sale of her 3,928 ImClone Systems Inc. shares -- a day before the US Food and Drug Administration rejected its cancer drug Erbitux.

The timely dumping of the stock saved Stewart roughly $50,000, which in retrospect could never offset the unforeseen detrimental consequences. Her stockbroker, Peter Bacanovic, has also been charged as her co-conspirator, though he maintains that no tip-off occurred, only an agreement to sell Stewart's shares of ImClone if their value dipped below $60. Official sentencing will be conducted on June 17, and she could potentially face up to five years in prison and $250,000 in fines. Ten days after her conviction, she announced her resignation from the Martha Stewart Living Omnimedia board and forfeiture of her position as chief creative officer, though she will retain her title as Founding Editorial Director. With the flurry of attention surrounding the trial, Stewart felt this decision would be best for the livelihood of her company.

"I am heartsick about my personal legal situation -- and deeply sorry for the pain and difficulties it has caused all our Company employees. I can never thank my colleagues enough for their spirit, steadfastness, resiliency and dedication," she said in a statement on her website, marthatalks.com.

Stewart, who has maintained a poker face throughout most of the ordeal, has been praised by her stalwart fan base for her grace under the pressure of seemingly harsh indictments. Many feel it is a great injustice to see a woman who has worked her way up to the top fall dismally down from a corporate empire she built from scratch, particularly in the patriarchal business world. Many emailed her words of support on her website, like that of Jeanette Pitcher.

"I am in your corner and hope you have not lost your spirit to fight. I too was a stockbroker and understand how ridiculous all of this is. You are who you are and with it comes good and bad. This never would have gotten this far if it was anyone else but you," she said.

The nation is torn between having sympathy for the rags-to riches woman, and despising the white-collar criminal she is purported by many to be.