Waksal gets 7-plus years [From the White House to the Big House]

cnnmoney ^ | June 10, 2003

[trickydick62]

NEW YORK (CNN/Money) - Former ImClone Systems CEO Samuel Waksal was sentenced to just over seven years in federal prison and ordered to pay $4.3 million in fines and restitution Tuesday for his role in an insider trading scandal.

Waksal, right, arrives at federal court Tuesday. Waksal, appearing before U.S. District Court Judge William Pauley in New York, became the first chief executive to be sentenced in the wave of scandals that have rocked corporate America over the past two years.

[trickydick62]

'Bout time one of these weasels goes to jail. Martha must be squirming right about now.

[smith288]

"but but but.... I donated and stuff... isnt that good enough?"

[Admin Moderator]

Please provide a source link for this article.

[Miss Marple]

Full story here!

[Zavien Doombringer]

Welcome to FreeRepublic! Nice post!

[mikeb704]

Shucks, when I saw the title of this thread, I hoped for happier news:

Michael M. Bates: My Side of the Swamp

[trickydick62]

I would but I'm not sure how - technically challenged. It's from the Communist News Network.com.

[trickydick62]

Thanks - it's my first.

[KS Flyover]

Here's the link:

http://money.cnn.com/2003/06/10/news/companies/waksal_sentencing/

[glock rocks]

welcome to Free Republic

[Tax-chick]

All these people thought they'd get away with it. Unfortunately, too many of them still are. No deterrence if the penalties are scattershot.

[jpl]

This is a good start. Now let's see if he ends up going to an elite country-club prison or one populated with murderers, rapists, and drug dealers.

[Liz]

Martha has been indicted b/c prosecutors have overwhelming evidence that she broke Title 18, Sec. 1505 of the United States Code, which makes it a felony crime to obstruct and impede a lawful investigation by the federal government.

Apparently Martha entered into a conspiracy to hide the truth by lying to investigators from the getgo which is a crime all by itself, even though she may or may not be subsequently charged with insider trading or something else.

Martha and her broker, Bacanovic, are charged with calculatedly lying to government investigators - repeatedly, continuously and consciously - over a period of at least three months for the express purpose of covering up their actions.

She is charged with personally altering her company's computer records to coverup a phone call from Bacanovic, while Bacanovic is doctored his records at Merrill Lynch to support their alibis. They colluded in the coverup.

And note this shocker: when Martha went on the CBS morning show and told Jane Clayson and the audience (while chopping cabbage), that there was nothing to worry about, she was actually breaking the law by deceiving her stockholders b/c she failed to alert her stockholders that there indeed was a problem.

[Grampa Dave]

Thanks for the ping!

[Grampa Dave]

Thanks for posting this good news and a sure way to bring about Campaign Finance Reform.

[Howlin]

And note this shocker: when Martha went on the CBS morning show and told Jane Clayson and the audience (while chopping cabbage), that there was nothing to worry about, she was actually breaking the law by deceiving her stockholders b/c she failed to alert her stockholders that there indeed was a problem.

I heard somebody talking on Neil Cavuto's show just last week, saying that her "ad" in USA Today was the exact same thing and that she could ultimately be charged with that!

[Grampa Dave]

By the way, welcome to Free Republic.

[Grampa Dave]

It is time the board asks her for her leave of absence for about 87 months.

[Grampa Dave]

[bmwcyle]

Good job!