Thursday, July 24, 2003

Inmate Register Number: 53803-054

Federal Bureau of Prisons: National Institute of Corrections

Inmate Information for SAMUEL WAKSAL
Inmate Register Number : 53803-054
Age : 55
Race : WHITE
Sex : MALE
Projected Release Date : UNKNOWN
PO BOX 700
Phone Number : (570)544-7100

Here's the WSJ's take on it:

"A Cell for Sam Waksal: Today was a day of reckoning for Sam Waksal, and - it isn't too much of a stretch to say - for corporate America as well. The 55-year-old founder of ImClone Systems reported to a minimum-security prison in Pennsylvania, where he began serving a seven-year prison sentence for insider trading and related charges. Mr. Waksal is the first chief executive caught up in the recent wave of corporate scandals to begin doing time, and he isn't likely to be the last. Federal prosecutors have brought criminal charges against several executives they hold responsible for the cases of accounting fraud and Wall Street conflicts of interest. And even Federal Reserve Chairman Alan Greenspan has blamed the corporate-governance scandals for making boards and chief executives unhealthily risk-averse. Perhaps the most high-profile defendant is Mr. Waksal's friend, Martha Stewart, who was indicted last month on charges akin to Mr. Waksal's that she lied about selling shares in ImClone just before the company unveiled some bad news."

Posted at 11:08 AM in Current Affairs | Permalink


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