NEW YORK: ImClone Systems Inc founder Samuel Waksal has been sentenced to more than seven years in prison, the first chief executive to go to jail in the spate of scandals that has rocked corporate America.
US District Judge William Pauley ordered Waksal to serve the maximum 87 months in prison, pay the top fine of US$3mil and fork out US$1.26mil in restitution in connection with an insider trading case that also led to the indictment last week of Waksal’s good friend, style-setter Martha Stewart, on securities fraud charges.
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