Company Frauds So Terrible You Won’t Believe They Actually Happened

ImClone Fights The FDA

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In 2001, after having a cancer drug rejected by the FDA for concerns over the structure of test trials, ImClone founder Sam Waksal took matters into his own hands. He took the rejection public in a move that backfired and crippled him. This is why you never fight a government agency!

Waksal, knowing company stocks would fall, advised friends and family to begin selling theirs. It was also revealed that Waksal had planned to buy stock in the company as collateral for a bank loan. Unfortunately, he had already done this once before, making the move fraudulent in the eyes of the law. In the end, Waksal was convicted of perjury, bank fraud, wire fraud, security fraud, and obstruction of justice.