A former corporate tycoon serving a federal prison sentence for insider trading has been hit by New York state with a fraud penalty for evading taxes on $15 million worth of artwork.
Samuel D. Waksal, founder of the biotech company ImClone Systems Inc. and a figure in the Martha Stewart trading scandal, was rebuffed by Administrative Law Judge Frank W. Barrie, who flatly rejected Waksal’s claim that he only did what “many, many” others have done and was being singled out for particularly harsh treatment.
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