Updated from 1:24 p.m. EDT

Sam Waksal, the ex-CEO of

ImClone Systems


who admitted to insider trading allegations, was sentenced to seven years in prison Tuesday.

Judge William Pauley also ordered Waksal to pay $3 million in fines and $1.26 million in restitution. He is the first CEO to be sentenced in the wake of numerous high-profile corporate scandals.

In October, Waksal pleaded guilty to a six-count indictment, including charges that he tipped off his daughter, Aliza, that the FDA would reject an application for ImClone's cancer drug, Erbitux, before the news became public. He also pleaded to bank fraud, perjury and obstruction of justice allegations.

According to various news accounts of the proceedings, Waksal gave an emotional apology for his misdeeds in court in New York on Tuesday, reportedly saying: "I am deeply disturbed and so very sorry for my actions. I want to apologize to all the people who may have had confidence in me and whose confidence I betrayed."

The judge rejected Waksal's plea, based on his humanitarian contributions, for a lighter sentence. Waksal reportedly submitted to the judge 120 letters from friends and family on his behalf.

"You abused your position of trust as the chief executive officer of a major corporation and undermined the public's confidence in the integrity of the capital markets," Pauley said, according to news reports. "Then you tried to lie your way out of it ... the harm you wrought is incalculable."

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Ironically, ImClone said recently that it would resubmit Erbitux for FDA approval, after German pharmaceutical company

Merck KgaA

released study results supporting the drug's efficacy.

The ImClone stock scandal has drawn in Martha Stewart, who resigned last week as CEO of

Martha Stewart Living Omnimedia


, amid obstruction of justice and securities fraud allegations. Her

Merrill Lynch


broker Peter Bacanovic is also charged with obstruction of justice.

Waksal separately admitted in March to evading $1.2 million in sales taxes on artwork purchases.