BioCentury
ARTICLE | Politics & Policy

Waksal proceeding deferred

July 26, 2002 7:00 AM UTC

A federal magistrate on Friday agreed Assistant U.S. Attorney Micahel Schachter's request for a delay in the criminal proceedings against Samuel Waksal, former CEO of ImClone (IMCL). The magistrate agreed to move the deadline for obtaining an indictment against Waksal to Aug. 9. Waksal was arrested on June 12 on charges of securities fraud, conspiracy and perjury.

A document filed with the U.S. District Court for the Southern District of New York states that Schachter has had discussions "regarding a possible disposition of [the] case," with Waksal's attorney as recently as July 23. Schacter stated that negotiations over a resolution of the case are on-going, and that he and Waksal's attorney agree they cannot be resolved by the July 26 deadline for an indictment under the Speedy Trial Act. ...