NEW YORK ( TheStreet) -- ImClone founder Samuel Waksal is raising money, hoping to launch a biopharmaceutical start-up. But it wasn't so long ago that the biotech entrepreneur was serving seven years behind bars for a series of white collar crimes that also enmeshed friend and domestic doyenne Martha Stewart.A quick recap: After receiving a tip in December 2001 that the U.S. Food and Drug Administration would reject the application for Erbitux, a colon cancer drug, Waksal tried to sell 80,000 of the company's shares. The day before the FDA's rejection, Waksal's family, close friends, and other big ImClone shareholders -- including Stewart -- sold millions worth of stock. The stock then started to tank, falling into the teens after its December high of around $60.
ImClone Scandal: A Timeline
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