378:, because his sentence also ruled that he was banned from serving as an officer or director to any public company for life. With Waksal leaving the role, his brother Harlan began serving as CEO. Waksal remained with the company and transitioned into the role of Chief of Innovation. In February 2016, Waksal left the Kadmon Pharmaceuticals but remained a shareholder in the company. In June 2016, the company announced it had filed the paperwork to undergo an
252:
decision effectively turning down ImClone's application due to concerns about the structure of the clinical trials. In 2004, Erbitux was approved by the FDA. In 2008, the drug generated over $ 1.5 billion in sales and was credited with aiding thousands of cancer patients. That same year, ImClone was
271:
Waksal became aware of the FDA's rejection on
Christmas Day 2001. Unable to get the FDA to reconsider, ImClone began drafting a press release announcing the Erbitux rejection. This was due to be released at the close of business on December 28. Until then, under federal securities law, Waksal was
272:
barred from selling his ImClone stock or telling anyone about the pending rejection. However, public release of the
Erbitux rejection would expose Waksal to a number of financial problems beyond the near-certainty of ImClone's stock sliding. For example, Waksal had pledged a
718:
406:, for several years prior to his criminal conviction. As of 2016 he was reported to hold executive positions with the New York Biotechnology Association and the New York Council for the Humanities, and is also a member of the board of advisors of
177:(FDA) Waksal became involved in an insider trading scandal revolving around improper communications with personal friends and family members. He was convicted of several securities violations, served time in federal prison, and was released.
715:
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On June 10, 2003, Waksal was sentenced to seven years and three months in prison and ordered to pay more than $ 4 million in fines and back taxes, all the maximum punishments allowable under law. Waksal wanted to go to
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with the FDA in 2001. When it won the rights to develop
Erbitux, a cancer antibody, the drug's clinical success caused ImClone's stock to reach a high of $ 70 a share. In September 2001,
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was intrigued enough by
Erbitux to sign a $ 2 billion deal with the company in return for the marketing rights to the drug. In December 2001, however, the FDA issued a
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despite having already executed the warrant in 2000. If Bank of
America discovered the warrant was no longer valid, Waksal could be charged with
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Waksal is divorced from
Cynthia F. Waksal; they had two children: Aliza and Elana. His daughter, Elana, is married to Jarrett Posner, son of
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argues that Waksal's insider trading should not be considered a crime and that he does not belong in jail
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in New York City. Waksal was forced to step down from the CEO position in 2014 as the company planned an
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284:. He tipped off several of his friends and family to sell their ImClone stock. When Waksal's broker at
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in 1984. The company was engaged in several research and development projects before filing its first
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Tangled Webs: How False
Statements are Undermining America: From Martha Stewart to Bernie Madoff
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for avoiding $ 1.2 million in sales taxes on $ 15 million in artwork. The art included works by
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In 2009, upon his release from prison Waksal began fundraising and launched the company
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741:"Waksal's Latest Biotech Play is Reportedly Trying to go Public After Two Misfires"
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596:"Technology; ImClone Cancer Drug Behind Martha Stewart Trial Is Approved by F.D.A."
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908:"Redemption on Offer As Disgraced Executive Sam Wakssal's Startup Launches IPO"
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Cadus
Corporation, Antigenics Inc., Test University, Rockefeller University
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839:"Kadmon Seeks IPO With Unusual Terms That Benefit Waksal, Debt Holders"
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1016:"Executive Profile Samuel D. Waksal Ph.D., Director, Pharmos Corp"
566:"For ImClone Drug Entrepreneur, A Past of Celebrity and Notoriety"
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862:"Sam Waksal Exited Kadmon With $ 25M Severance Deal Ahead of IPO"
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Prisoners and detainees of the United States federal government
16:
American immunologist, businessman and convicted insider trader
620:"Refusal to File Procedures for Biologic License Applications"
379:
173:(cetuximab). During the course of its review process with the
157:(born September 8, 1947) is the founder and former CEO of the
790:"Sam Waksal's New Biotech Venture Tests Investor Forgiveness"
212:
Over the next 15 years, he worked as a medical researcher at
185:
Waksal was born on
September 8, 1947, in Paris, France, to a
382:. In July 2016, the company raised $ 75 million in its IPO.
885:"Convicted Pharma Fraudster Waksal Calls Theranos a 'Scam'"
422:, hedge fund portfolio manager convicted of insider trading
292:, that ImClone was about to lose a good deal of its value.
299:
charges. On
October 15, he pleaded guilty to charges of
672:"Samuel Waksal Pleads Guilty to Evading Tax on Artwork"
1056:
ImClone founder Waksal sentenced to 7 years in prison
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ImClone Founder Pleads Guilty to Avoiding Sales Taxes
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Founder of ImClone Systems and Kadmon Pharmaceuticals
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to buy ImClone shares as collateral for a loan from
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American people convicted of obstruction of justice
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816:"Waksal's Kadmon Said to Plan IPO, Without Waksal"
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362:(BOP) # 53803-054, was released from BOP custody.
318:On March 3, 2003, he pleaded guilty to charges of
90:Scientist, biotechnology executive, insider trader
764:"ImClone Ex-Chief Embarks on New Biotech Venture"
705:. April 17, 2006. Retrieved on January 10, 2010.
342:, purchased between June 2000 and October 2001.
930:
928:
1142:Businesspeople in the pharmaceutical industry
8:
622:. US Department of Health and Human Services
352:Federal Correctional Institution, Schuylkill
1162:American businesspeople convicted of crimes
936:"Weddings; Jarrett Posner and Elana Waksal"
441:"Former IMCloe Chief Acquires Drug Company"
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516:
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356:Federal Correctional Institution, Milan
1127:American health care chief executives
1112:French emigrants to the United States
594:Pollack, Andrew (February 13, 2004).
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295:Waksal was arrested June 12, 2002 on
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1132:American people convicted of perjury
906:Zuckerman, Gregory (July 26, 2016).
788:Cyran, Robert (September 25, 2014).
762:Pollack, Andrew (October 31, 2010).
1152:People convicted of insider trading
1157:American people convicted of fraud
1084:Sam Waksal Political Contributions
739:Garde, Damian (February 2, 2016).
354:. He was later transferred to the
14:
989:Toobin, Jeffrey (22 March 2004).
814:Tirrell, Meg (February 2, 2016).
646:"Sam Waksal was Right All Along*"
644:Kolker, Robert (March 15, 2009).
1137:American prisoners and detainees
729:. Retrieved on January 10, 2010.
670:Scannell, Kara (March 4, 2003).
261:Criminal activity and conviction
963:Blecher, Ian (April 22, 2002).
883:Mukherjee, Sy (June 17, 2016).
860:Carroll, John (June 10, 2016).
358:. On February 9, 2009, Waksal,
564:Pollack, Andrew (2002-01-24).
226:Mount Sinai Hospital, New York
1:
1177:Ohio State University alumni
837:Lash, Alex (June 13, 2016).
242:Biologic License Application
175:Food and Drug Administration
165:. He is also the founder of
697:Best Places to Go to Prison
1198:
1182:21st-century American Jews
1122:20th-century American Jews
1066:Sam Waksal: I Was Arrogant
467:"Waksal Gets 7-Plus Years"
348:Federal Prison Camp, Eglin
267:ImClone stock trading case
264:
181:Education and early career
727:Federal Bureau of Prisons
360:Federal Bureau of Prisons
350:, but instead he went to
218:National Cancer Institute
207:The Ohio State University
493:"Samuel Waksal in Brief"
1060:San Francisco Chronicle
912:The Wall Street Journal
676:The Wall Street Journal
193:survivors. He earned a
1117:American immunologists
965:"The Wacky Dr. Waksal"
408:Rockefeller University
372:Kadmon Pharmaceuticals
366:Kadmon Pharmaceuticals
309:obstruction of justice
167:Kadmon Pharmaceuticals
140:87 months imprisonment
255:Eli Lilly and Company
82:Ohio State University
246:Bristol-Myers Squibb
111:Board member of
257:for $ 6.5 billion.
214:Stanford University
205:in 1974, both from
189:family, the son of
33:Samuel David Waksal
1077:Free Samuel Waksal
1050:The New York Times
941:The New York Times
794:The New York Times
768:The New York Times
721:2010-11-05 at the
599:The New York Times
571:The New York Times
499:. October 15, 2002
447:. October 25, 2010
445:The New York Times
119:Criminal charge(s)
1072:, October 2, 2003
650:New York Magazine
497:The Baltimore Sun
340:Willem de Kooning
195:bachelor's degree
159:biopharmaceutical
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95:Years active
43:September 8, 1947
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336:Roy Lichtenstein
301:securities fraud
222:Tufts University
155:Samuel D. Waksal
137:Criminal penalty
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23:Samuel D. Waksal
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1147:Corporate crime
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944:. March 1, 1998
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398:. Waksal dated
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297:insider trading
278:Bank of America
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238:ImClone Systems
236:Waksal founded
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163:ImClone Systems
145:Criminal status
79:Alma mater
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49:Paris, France
45:(age 77)
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1025:. Retrieved
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915:. Retrieved
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503:September 5,
501:. Retrieved
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451:September 5,
449:. Retrieved
444:
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420:Chip Skowron
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98:1979–present
1102:1947 births
328:Mark Rothko
63:Citizenship
55:Nationality
1096:Categories
1027:25 October
1000:2 February
655:August 29,
626:9 December
604:August 29,
577:2012-04-04
427:References
324:wire fraud
320:conspiracy
305:bank fraud
282:bank fraud
127:conspiracy
39:1947-09-08
974:March 15,
948:March 15,
887:. Fortune
841:. Xconomy
471:CNN Money
199:doctorate
191:Holocaust
71:Education
1070:CBS News
969:Observer
719:Archived
524:(2011).
414:See also
253:sold to
161:company
148:released
58:American
313:perjury
274:warrant
171:Erbitux
131:perjury
818:. CNBC
702:Forbes
544:
404:Alexis
338:, and
311:, and
216:, the
187:Jewish
123:fraud
1029:2016
1002:2016
976:2018
950:2018
919:2016
893:2016
870:2016
847:2016
824:2016
801:2016
775:2016
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683:2016
657:2016
628:2012
606:2016
542:ISBN
505:2016
479:2016
453:2016
322:and
224:and
29:Born
725:."
699:."
380:IPO
376:IPO
201:in
74:PhD
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