Peter bacanovic biography

SEC probe of Martha Stewart

A U.S. Securities and Exchange Commission and U.S. Attorney probe into trading in the shares of ImClone Systems resulted in a widely publicized criminal case, which resulted in prison terms for businesswoman and television personality Martha Stewart, ImClone CEOSamuel D.

Waksal, and Stewart's broker at Merrill Lynch, Peter Bacanovic.

History

ImClone's stock price dropped sharply at the end of 2001 when its drug Erbitux, an experimental monoclonal antibody, failed to get the expected Food and Drug Administration (FDA) approval.

It was later revealed by the U.S. Securities and Exchange Commission that prior to the announcement (after the close of trading on December 28) of the FDA's decision, numerous executives sold their stock.^[1] ImClone's founder, Samuel D.

Waksal, was arrested in 2002 on insider trading charges for instructing friends and family to sell their stock, and attempting to sell his own. His daugh