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.
Subscribe to 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.
-
'"Andor" examines all sides of how empires operate'Instant Opinion Opinion, comment and editorials of the day
-
DHS chief Kristi Noem's purse stolen from eaterySpeed Read Homeland Security Secretary Kristi Noem's purse was stolen while she dined with family at a restaurant in Washington, D.C.
-
Harvard sues Trump over frozen grant moneySpeed Read The Trump administration withheld $2.2 billion in federal grants and contracts after Harvard rejected its demands
