Sam Waksal, the founder and former CEO of the biotech ImClone, is currently serving a seven-year, three-month sentence for his part in an insider trading scandal that involved his friend Martha Stewart.
Waksal pleaded guilty to telling relatives in 2001, before it was publicly known, that ImClone’s bid to win regulatory approval for its cancer drug, Erbitux, was floundering. Waksal and Stewart shared the same broker, Peter Bacanovic, who allegedly tipped off Stewart. She then sold nearly 4,000 ImClone shares.
Waksal started serving his sentence in 2003 and agreed to pay a $4.3 million fine. Erbitux has since been approved by the FDA.
Waksal, ImClone
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