June 2003
Investment Dealers' Digest;6/16/2003, Vol. 69 Issue 24, p40
Trade Publication
Presents information related to investment banking in the healthcare sector of the U.S. Former ImClone Systems CEO Sam Waksal received a seven-year sentence for securities fraud, perjury and other crimes related to sales of ImClone shares just before the biotech learned the FDA would reject its drug application. The insider trading probe has ensnared Waksal's friend, Martha Stewart, who has pleaded not guilty to similar charges. In further revelations into HealthSouth deceptions, a Wall Street Journal article revealed that the company billed Ernst & Young, its independent auditor, for janitorial inspections as "audit-related" fees. The law firm hired by former HealthSouth CEO Richard Scrushy to clear his name of insider trading suspicions also allowed themselves to be paid for perfunctory work. When HealthSouth refused to respond to earnings queries by the law firm's consultants, lawyers at the firm, Fulbriqht&Jaworski, simply dropped the issue.


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