February
2012

Sam Waksal Sam Waksal is a Greedy Bastard Off With Sam Waksal's Head

Ex-ImClone Systems CEO Samuel Waksal once dreamed of developing a blockbuster cancer drug; in 2003, however, due to his role in an insider trading scandal involving the drug Erbitux, he was sentenced to just over seven years in prison and ordered to pay $4.3 million. He was the first Chief Executive sentenced as a result of the scandals that have plagued corporate America over the past seven years. After serving five years of his seven year sentence, Waksal was released in August 2008. While living in a Bronx halfway house immediately following his release, the infamous, high-living ImClone founder quickly managed to upset his fellow inmates by getting what seemed like special treatment and going on luxurious weekend outings.
Sam Waksal
Source: Unknown

He was arrested June 12, 2002 on insider trading charges. On October 15, he pleaded guilty to charges of securities fraud, bank fraud, obstruction of justice, and perjury.

On March 3, 2003 he pleaded guilty to charges of conspiracy and wire fraud for avoiding $1.2 million in sales taxes on $15 million in artwork. The art included works by Mark Rothko, Richard Serra,Roy Lichtenstein, and Willem de Kooning, purchased between June 2000 and October 2001. He did not pay the necessary taxes at the time of purchase, but did pay the taxes in fall 2002.

On June 10, 2003, Waksal was sentenced to seven years and three months in prison and ordered to pay more than $4 million in fines and back taxes, all the maximum punishments allowable under law. Waksal is not eligible for parole. Waksal wanted to go to Federal Prison Camp, Eglin, but instead he went to Federal Correctional Institution, Schuylkill.

He was serving time in the Federal Correctional Institution, Otisville in New York state. Waksal was released in August 2008.

Tags:  ceo, scandal, imclone, erbitux, sam waksal, samuel waksal, waksal,

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