Sam Waksal Net Worth: How Much Worth Does He Own in 2022?

I often tell people that if they want to make money on the stock market and get ahead of the crowd, they should look where no one else is. Also, investing smartly means looking in the right places. Contrary to what most people think, it’s not about being first.

The catch? Most of the time, you have to do a little more work, which doesn’t work well for most investors who want to make money quickly. Our firm and our clients have to keep an eye on how company executives buy and sell their shares.

This is an important factor to look at when deciding whether or not to invest. I mean, why wouldn’t you want to buy and sell with people who know what’s going on in their business? You would, but if you don’t do any analysis and just copy what they do.

sam waksal net worth

you could lose a lot of money if you try to figure out what they are doing and do the same things they do. Let’s explain what it means for company executives to trade in their shares because it’s not always clear.

Table of Contents

Net Worth

On September 8, 1947, Samuel D. Waksal was born in France. Both ImClone Systems and Kadmon Pharmaceuticals were started by him, and he is the CEO of both of them.

Samuel D. Waksal is a Pharmacologist and has an estimated net worth of $9.2 million.

Biography and Wiki

Birth Day September 8, 1947
Birth Place France
Age 73 YEARS OLD
Birth Sign Virgo

About

Both ImClone Systems and Kadmon Pharmaceuticals were started by him, and he is the CEO of both of them.

In 1974, he got his bachelor’s degree and a doctorate in immunobiology from Ohio State University. He then worked as a medical researcher at Stanford University and Tufts University.

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In 2003, he pleaded guilty to conspiracy and wire fraud charges for not paying $1.2 million in sales taxes. From 2003 to 2009, he was in jail.

Illegal InsiTrading

Insider trading is when a person who has non-public, important information about a publicly traded company’s stock trades in that company’s stock. Insider trading can be either legal or illegal, depending on when the trade is made.

sam waksal net worth

What does “material information” mean? “Material information” doesn’t have a clear definition, but it could mean any information about a company that a stockholder who is thinking about buying or selling would think is important enough to think about before making the trade.

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Sam Waksal, the CEO of ImClone and a friend of Stewart’s, found out that the FDA had not yet approved the company’s promising experimental cancer medicine. Waksal tried to sell his ImClone stock before the news came out, which was sure to cause the price to drop.

As soon as Martha Stewart heard about it from the Merrill Lynch broker she shared with the Waksals, she sold all of her ImClone shares for about $230,000. Both deals were made before the public knew about them, which is called “insider trading.

sam waksal net worth

The U.S. Securities and Exchange Commission (SEC) says that Stewart saved $45,673 by selling all 3,928 shares of her ImClone Systems stock on December 27, 2001, after getting important, secret information from her Merrill Lynch broker, Peter Bacanovic. The next day, the price of the stock went down by 16% because of what she did.

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After a highly publicized six-week jury trial, Stewart was found guilty in March 2004 of the felonies of obstruction of an agency proceeding, conspiracy to obstruct, and making false statements to federal investigators. In July 2004, she was sentenced to five months in federal prison.

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