ImClone founder fined $800,000

03.11.03 | Unknown

[kcvl]

ImClone founder fined $800,000

SEC also bars Samuel Waksal from heading any public firm

BREAKING NEWS ASSOCIATED PRESS

NEW YORK, March 11 —

The Associated Press NEW YORK ImClone Systems founder Samuel Waksal has agreed to an $800,000 fine and a permanent ban on serving as head of any public company, government regulators said Tuesday.

The agreement is a partial settlement of civil charges filed against Waksal by the Securities and Exchange Commission in the ImClone insider-trading scandal, the SEC said.

The SEC claims Waksal was tipped off before the government announced a disappointing decision on ImClone's cancer drug Erbitux, tried to sell 80,000 shares of the company and told his daughter to sell all of her ImClone stock.

Waksal, 55, will be sentenced in May on criminal fraud charges. He admitted last week to conspiring with a Manhattan art dealer to dodge $1.2 million in sales tax on $15 million in paintings he bought in 2000 and 2001.

In early trading on the New York Stock Exchange, Imclone shares were down 15 cents at $15.10.

[kcvl]

Next...Martha Stewart.

[TBall]

I wish I had purchased some Imclone last year when it was about $6/shr.

[GalaxieFiveHundred]

Next...Martha Stewart.

[ken5050]

You'll be able to purchase it at that price again, if not lower, soon...the recent run -up in the price is just a few folks gaming the system....

[blackdog]

$800,000 fine for not paying $1,200,000 in taxes on purchased item/s????? Not a bad deal!

As for the ban on serving as an officer on a publicly traded company, he will just go run the United Way instead.

This man will serve no real prison time. If he had any honor he would fall on his sword. That is not likely.

[blackdog]

Martha has representation from Ken Starr. He's mighty sweet on her.

[TBall]

I don't think Bristol Myers would keep investing if they did not have confidence in Erbitux.

[ken5050]

You're wrong...he'll get at least 10 years, minimum..hard time..with no chance of parole....he's plead becuase the Feds were gonna indict his father and his daughters...This is a statement case for the DoJ...the days of handslaps for white collar financial crimes are over....

[ken5050]

And a company has never thrown good money after bad before?...BM may not want to take the write off just yet....

[blackdog]

Bump for sentencing day. The day I will be joyous about being wrong.

While I find your wisdom comforting in verse, I will reserve my Shaudenfraude for the real deal.

[TBall]

Erbitux bump.