ImClone founder settles with SEC

Sam Waksal, founder of ImClone Systems, the biotechnology company, yesterday reached a final settlement with regulators over insider dealing charges by agreeing, along with his father, to pay more than $5m.
Without admitting or denying the allegations made by the Securities and Exchange Commission, Sam and Jack Waksal are to relinquish $2m that resulted sales of ImClone shares. Sam Waksal will also a $3m penalty. Sam Waksal, who agreed to pay more than $800,000 in a partial settlement with the SEC in March 2003, was sentenced to seven years in prison in June 2003 after pleading guilty to six counts of fraud and conspiracy.
He admitted trying to sell large chunks of ImClone shares in 2001 after receiving a tip that regulators would reject an application to market its colon cancer treatment drug Erbitux.
Last year, Martha Stewart, the home design guru, was sentenced to five months in jail for misleading investigators over her sale of ImClone shares in 2001. Andrew Parker, New York