Posted on 10/15/2002 12:02:48 PM PDT by Tumbleweed_Connection
ImClone Systems former chief executive Samuel Waksal has pleaded guilty Tuesday to insider trading charges. Mr. Waksal entered pleas of guilty to securities fraud for insider trading, obstruction of justice, perjury and bank fraud.
The charges that Mr. Waksal pleaded guilty to did not include government accusations that he also tipped his father and daughter about an anticipated sharp drop in share prices. The drop was sparked by news of the U.S. Food and Drug Administration's pending rejection of ImClone's application for Erbitux, an experimental drug.
Mr. Waksal was arrested in June on charges of trying to sell his shares and tipping off family members and friends. The investigation has also focused on home decorating entrepreneur, Martha Stewart, who had owned ImClone shares. She sold those shares shortly before Erbitux was rejected by FDA regulators.
Little Miss Lacey Doily should have been offered a deal to nail his ass to the wall, but, of course, that wouldn't give the feds a big-time celebrity conviction and the attendant media glow.
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