Waksal pleads guilty
The week's news at a glance.
New York
ImClone Systems founder Sam Waksal—a close friend of Martha Stewart—became the latest casualty of the corporate scandals this week, pleading guilty to bank fraud, conspiracy, and perjury. Waksal, prosecutors said, warned family members to sell ImClone stock when he discovered that federal regulators would reject the company’s new cancer drug. Stewart also sold off 4,000 ImClone shares before the stock plummeted, and is apparently a target of a continuing insider-trading investigation. Douglas Faneuil, an assistant to Stewart’s stockbroker, pleaded guilty to a misdemeanor charge earlier this month and agreed to testify for the prosecution.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The struggles of Aston Martin
In the Spotlight The car manufacturer, famous for its association with the James Bond franchise, is ‘running out of road’
-
The end of ‘golden ticket’ asylum rights
The Explainer Refugees lose automatic right to bring family over and must ‘earn’ indefinite right to remain
-
Grecotel Luxme Dama Dama: Greek luxury with a breezy beach vibe
The Week Recommends Rhodes is reimagined in this refined and relaxed resort