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Latest Business News

ImClone Founder Wants Sentence Shortened

Thursday, March 31, 2005 4:42:47 PM
By ERIN McCLAM

NEW YORK (AP) - Sam Waksal, the biotechnology executive serving seven years in prison in the ImClone Systems stock scandal that ensnared Martha Stewart, has asked a judge to free him.

Lawyers for Waksal, who founded ImClone, cited a recent Supreme Court decision that found judges may not boost criminal sentences based on information not proved to a jury or admitted by a defendant.

At Waksal's sentencing in June 2003, a judge following federal guidelines lengthened his sentence by finding that his crimes had caused a loss of more than $3 million and that he had abused his public trust as a CEO.


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