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Subject: Samuel Waksal jailed and fined Author: Federal Judge cooper [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 03:46:06 06/11/03 Wed Samuel Waksal jailed and fined for insider trading and tax evasion. The founder and former head of ImClone, Samuel Waksal, was sentenced in New York on Tuesday to 87 months prison, the maximum under federal guidelines, and fined US$3 million. The judge also ordered Waksal to pay US$1.26 million in compensation. The judge ruled out any possibility of early release. Judge William Pauley said that Mr Waksal had "undermined the public's confidence" with his actions. "The harm you caused is truly incalculable," he added. The sentence comes a year and a half after Waksal gave a heads-up to family members and other associates to sell shares in the company the day before the Federal Drug Administration’s rejection of ImClone's application for its anticancer drug Erbutix. They sold hundreds of thousands of shares before the stock fell nearly 20 percent a few days later. This bodes badly for Martha Stewart, whose daughter once dated Sam Waksal, who sold her entire 3,928-share ImClone position at US$58 per share shortly before the FDA’s announcement. Stewart was indicted by a federal grand jury last week following a year-long investigation by prosecutors into the sale. [ Next Thread | Previous Thread | Next Message | Previous Message ]