A federal judge in New York refused to toss out the seven-year prison term that Samuel Waksal, the former ImClone Systems Inc. chief executive, is serving for insider trading.
Waksal's lawyers argued Wednesday that he was entitled to seek a shorter sentence because the guidelines under which he was sentenced are no longer binding on judges. The U.S. Supreme Court ruled in January that the guidelines are only advisory.
U.S. District Judge William Pauley rejected the claim, saying the Supreme Court's decision doesn't apply to Waksal because his conviction became final in June 2003 when he was sentenced.
This was commented on by Insider previously. OK Sam, you were busted. Now be like Martha and go do your porridge!
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