Submitted by: Editor
Sam Waksal gets 7-plus years
The 55-year-old scientist and businessman -- who became well known on the social circuits in New York and Washington as his wealth grew -- became the first chief executive sentenced as a result of the scandals that have rocked corporate America over the last two years.
In imposing the 87-month sentence, U.S. District Court Judge William Pauley said Waksal's crimes were "emblematic of a pattern of lawlessness and arrogance."
"You abused your position of trust as the chief executive officer of a major corporation and undermined the public's confidence in the integrity of the capital markets, then you tried to lie your way out of it," the judge said.
Waksal could have gotten 75 years if sentenced to the maximum penalty for all counts consecutively. The concurrent sentence was in line with federal sentencing guidelines. He won't be eligible for parole.