Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Apr 9, 2010

Sam Waksal, Martha Stewart, Crime on High Level

Filed under: Crime — admin @ 12:39 am

Last Friday evening while talking on the phone about ImClone’s Erbitux, a monoclonal antibody, EGFR inhibitor, I thought of the book which I read last year. It was written by Alex Prud’homme, Cell Game: Sam Waksal’s Fast Money and False Promises–and the Fate of ImClone’s Cancer Drug. This is a very educational book, a revelation of a white collar crime of high order and a stark warning to those who let greediness get better of them.

Sam Waksal, the CEO and founder of this biopharmaceutical start-up, ImClone, was convicted of insider trading when they sold millions of their company stock weeks before it let out the news that the government rejected ImClone’s application for Erbitux.

Martha Stewart sold almost 4,000 ImClone shares the day before the FDA rejected ImClone’s application for Erbitux. She was eventually found guilty and sentenced to five months in prison, five months of home confinement, and a $30,000 fine for lying about the stock sale.

Thus ended a shameful chapter of an otherwise successful founder of a biopharmaceutical start-up. Don’t do any illegal even if it means you will go broke.
Sam Waksal, Crime on High Level

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment

You must be logged in to post a comment.

Powered by WordPress