ImClone Founder Settles Civil Charges
From Associated Press
Samuel D. Waksal, the imprisoned ImClone Systems Inc. founder at the center of an insider-trading scandal that ensnared Martha Stewart, and his father have agreed to pay a total of about $5 million to resolve civil charges, regulators said.
Samuel and Jack Waksal neither admitted nor denied wrongdoing in the settlement with the Securities and Exchange Commission.
Samuel Waksal pleaded guilty in late 2002 to securities fraud for tipping his daughter to dump ImClone stock just before the Food and Drug Administration announced it was refusing to accept the company’s application to market the colon cancer drug Erbitux.
