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SEC Sues Two Other Waksals in ImClone Case

October 11, 2003|From Reuters

The insider trading case involving former ImClone Systems Inc. Chief Executive Samuel D. Waksal and Martha Stewart has widened to include Waksal's father and sister.

The Securities and Exchange Commission on Friday sued Jack Waksal, 82, in an amended complaint originally filed against Samuel Waksal. The new charges also name Samuel Waksal's sister, Patti, 47, as a relief defendant, who did not break the law but benefited from actions of her father.

The suit charges that Jack Waksal sold ImClone shares belonging to him and his daughter for about $8 million shortly before the share price plunged on bad news about the experimental drug Erbitux.

Jack Waksal declined to comment.

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