NEW YORK (CNN/Money) - Sam Waksal, the former CEO of ImClone Systems, is scheduled to answer charges Monday related to allegations that he and others profited from illegal insider information on his company.

Waksal will be arraigned Monday morning on charges of obstruction of justice, bank fraud, securities fraud and perjury that were filed Thursday, according to the U.S. Attorney's office.

Prosecutors say Waksal tried to sell ImClone stock after he learned that the Food and Drug Administration was going to refuse to consider ImClone's application for its cancer drug, Erbitux.

According to the indictment, Waksal secretly advised two people -- his daughter, Aliza, and his father, Jack, according to news accounts -- to sell ImClone shares on Dec. 27. ImClone (IMCL: Research, Estimates) stock plunged after the FDA's decision was announced Dec. 28.

"This is a painful chapter in Dr. Waksal's life, but he continues to believe in ImClone and Erbitux as holding out real hope for millions of cancer patients," Mark Pomerantz, Waksal's attorney, said. "Like all Americans, he is presumed to be innocent, and he will respond to these charges as required."