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Waksal Is Accused of Cheating Investor

May 29, 2003|From Bloomberg News

Samuel D. Waksal cheated an investor in ImClone Systems Inc. out of $90,000, prosecutors said as they prepared for next month's sentencing of the company's founder on insider trading charges.

Under U.S. guidelines, Waksal faces up to 87 months in prison when he's sentenced June 10 on charges of insider trading, securities fraud, bank fraud and perjury. U.S. District Judge William Pauley said prosecutors have asked him to exceed the guidelines and impose a longer sentence.

Assistant U.S. Atty. Michael Schachter told Pauley that Waksal had cheated an investor in 1986. "We're told by ImClone's former general counsel that it happened," Schachter said.

Defense attorney Mark Pomerantz denied the allegation.

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