we can look forward, not just to SEC action, but also to the convening of a Federal grand jury in the Southern District of NY, and, I think likely, indictments
We didn't have to wait long. CNBC is reporting that Sam Waksal was charged with criminal violations of the insider trading/tipping rules, and was arrested at his home in Manhattan by the FBI at 6:30 AM.
This is notably less gentle than the usual treatment in "white collar" criminal matters, where most commonly defendants' lawyers get a phone call and arrange a time for the defendant to come in for arraignment.
Waksal is in custody, presumably being fingerprinted, etc., (someone will say "like a common criminal" -- well, yes) and will stay in custody until he is taken before a magistrate judge for arraignment later, maybe not until tomorrow. The Feds are sending a useful signal, IMO.
--RCM |
