Samuel Waksal, 2002 News

founder of ImClone, a biotech company, pleaded guilty to six charges, including securities fraud, conspiracy, and perjury in October. The counts stem from two federal indictments that accused Waksal of tipping off family members and friends that the FDA had declined to review ImClone's new cancer drug, thus encouraging them to sell company shares before the news broke; forged documents to secure a $44 million loan; and ordered ImClone employees to shred documents relating to a SEC investigation. He had earlier pleaded not guilty to the charges, along with seven others, for which he did not change the plea. The scandal also shed negative light on Martha Stewart, who sold nearly 4,000 shares of ImClone the day before the FDA decision was publicized.

2002 People in the News