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... Samuel Waksal, a Jet-setting Immunologist turned entrepreneur, developed a promising cancer drug, engineered the biggest deal in the history of biotechnology, and then self destructed in a mushrooming insider trading scandal to include Waksal’s father Jack, sister Patti and daughter Aliza. In 2001 Waksal was one of Wall Street’s men of the moment. ... But three months later, Waksal learned from a Bristol Meyer executive that this wasn’t going to happen. ... 26 and 27 Waksal called family members to alert them that ImClone would receive bad news. ... Waksal himself tried to sell 79,797 shares worth nearly $5 million between Dec. ... SEC also alleged that Waksal lied to them about alleged stock tips, (www. ... I told my daughter to sell her shares,” says Waksal. “It certainly wasn’t because I thought about it carefully ahead of time,” says Waksal. ... ” In fact, Waksal didn’t think he was going to get caught: “I was silly enough to believe that because it was such a de minimus (sic) amount of holdings. ... Waksal told 60 Minutes that he had some short-term capital needs, (www. ...
Word leaked that the government announced it was investigating trades by Waksal. ... Waksal was replaced by his brother Harlan, who was chief operating officer of ImClone. Sam Waksal founded the company with Harlan in 1984. ... But Waksal draws a distinction between what he did, “I have a company where not one person has lost their job. ... And what we’re hoping is that they’ll picture Waksal as their hand is shaking to move a column of numbers from here to here, and they’ll think, `Geez, do I want to go to the pokey for seven years? ... ” Waksal told Steve Kroft in his first interview after his arrest, (www. ... Waksal was arrested by FBI at his loft in New York’s SoHo June 12, 2002 on charges of criminal conspiracy to commit securities fraud, and the SEC filed a lawsuit accusing him of illegal insider trading, (www.
Approximate Word count = 1545
Approximate Pages = 6.2
(250 words per page double spaced)
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