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ImClone CEO, SEC reach agreement

Jan. 20, 2005 at 11:02 AM   |   Comments

WASHINGTON, Jan. 20 (UPI) -- ImClone Chief Executive Samuel Waksal and his father have agreed to pay more than $5 million to settle insider trader charges, court documents say.

The U.S. Securities and Exchange Commission said in federal court papers filed in New York Thursday, Waksal and his father Jack Waksal, without admitting or denying SEC charges, agreed to the disgorgement and civil penalties settlement, subject to court approval.

Sam Waksal earlier paid more than $800,000 in disgorgement and prejudgment interest and was permanently barred from acting as an officer or director of any public company. He currently is serving 87 months in prison in connection with the case.

Martha Stewart also is serving time in connection with the ImClone incident.

The SEC accused Sam Waksal in 2001 of using insider information to sell ImClone stock after learning the U.S. Food and Drug Administration was about to reject the company's cancer treatment drug Erbitux.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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