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All Posts Term: ImClone
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Sam Waksal One of the Top Worst CEOs of All Time

SamWaksal

He was the chief at ImClone until disaster struck.

Indicted: October 15, 2002 of securities extortion, bank misrepresentation, deterrent of equity, and lying to the courts.

Understood as a great networker as much for concerning logical aptitude, in 1984 immunologist Sam Waksal established the company ImClone. The NY-based biotech firm remained generally obscure until 1999, when it announced the drug Erbitux — a malignant growth battling drug so encouraging it persuaded pharmaceutical mammoth Bristol-Myers to buy one billion dollars of ImClone stock in one of the biggest US biotechnology combinations in history. Be that as it may, when the Food and Drug Administration (FDA) dismissed the medication, Waksal cautioned a few relatives and companions to sell their stock as quickly as time permitted — before the FDA's choice had been released to the public. Waksal's dad and little girl sold over nine million dollars of ImClone stock, a move that grabbed the eye of the Securities and Exchange Commission (SEC) and in the long run prompted Waksal’s capture.

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