June 10, 2003

Stewart Slipped in for Mug Shot, Fingerprinting

Martha Stewart has paid a quiet visit to the FBI's Manhattan headquarters for a low-key mug shot and fingerprinting session, federal officials said on Tuesday.

It doesn't look good for the Queen of Clean; her old pal (boyfriend?) Sam, just got 87 months in the slammer:
Ex-ImClone CEO Gets 87 Months in Prison

Samuel Waksal, the founder of biotech company ImClone Systems Inc., was sentenced on Tuesday to 87 months in prison and ordered to pay $3 million in fines for tax evasion and his role in insider trading. U.S. District Judge William Pauley also ordered Waksal, whose insider trading scheme led to last week's indictment of style-setter Martha Stewart, to pay $1.26 million in restitution.[OUCH. Those are some major fines.--Jen]

Wearing a dark suit and blue tie, Waksal apologized to family, ImClone employees, shareholders and cancer patients. Members of his family attending the hearing at a federal courthouse in lower Manhattan were emotional, and some cried.

He also apologized to his parents, who are Holocaust survivors. "They survived so much, they didn't need me to inflict pain at this point in their lives," he said.

During the sentencing, Pauley said that with his crimes, Waksal had "undermined the public's confidence" and caused "incalculable harm."

The judge said that Waksal's business success, wealth and fame had caused Waksal to "disconnect from reality, and most importantly, from the rule of law."

Waksal pleaded guilty last October to six felony counts related to insider trading, and in March he pleaded guilty to charges he evaded taxes on $15 million worth of art purchases. He was named in a 13-count indictment in August 2002, accusing him of bank and securities fraud and obstruction of justice.
[...]
The hearing marked the first chief executive to be sentenced in the spate of corporate scandals that have shaken faith in American business.

The Fed Gov is clearly making an example of Sam and every American woman's best friend Martha Stewart.
How sad to see these people who had gained the world, but lost their souls.
But back on the earthly plane, Ken Delay, you're next.