 |
Sarbanes-Oxley News & Developments
Waksal Gets 7-Plus YearsFormer ImClone chief is the first ex-CEO sentenced to jail.
> > Former ImClone Systems CEO Samuel Waksal was sentenced to over seven years in federal prison and ordered to pay $4.3 million in fines and restitution.
Waksal, 55, became the first chief executive to be sentenced in the wave of scandals that have rocked corporate America during the past two years.
In addition to a $3 million fine, Waksal was ordered to pay about $1.3 million to the NY State Tax Commission within 60 days for improperly avoiding sales tax on art work he purchased. Under the terms of his sentence he will have three years of supervision after his release from prison. Currently, Waksal is under house arrest until he reports to jail July 2nd.
Waksal settled with the SEC in March, civil charges by agreeing to pay over $800,000 in illegal insider trading loss avoidance and profits, including prejudgement interest on those amounts, and be permanently barred from acting as an officer or director of any public company.
Source: CNN Money article
Published:2003-06-10
|
|
