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COMING OUT WEEK
Famous Houston Lawyer & Former Singing Cadet
Phyllis Frye is coming to TAMU!
Friday October 4 th at 7 PM
MSC 205
Other Coming Out Week Events:
Mon. 6 PM Alfred Hitclicock’s ‘Rope’ Rudder 701
Wed. 7 PM Sexuality and Religion MSC 292B
Fri. 7 PM Professional Development: Gender in
Diversity 1-4 PM 401 Rudder
For more info: httv://stuclentlife. tamu. edu/eies
Office of Gender Issues Education Services
Sbisa East Wing Ph: 845-1107
6A
Thursday, October 3, 2002
NATIO
the BATTALif
Assistant guilty of silence payofi
NEW YORK (AP)
Prosecutors turned up the heat
on Martha Stewart as a stock
broker’s assistant pleaded guilty
Wednesday to taking a payoff to
keep quiet about an alleged
insider stock trade by the queen
of home entertaining.
Douglas Faneuil, 27, struck a
deal to testify against Stewart
and others who might be charged
in connection with the sale of
ImClone Systems stock just
before its price plunged last year.
Faneuil said he had withheld
the truth from regulators and
FBI agents when he was first
questioned about the trades.
“I did not truthfully reveal
everything I knew concerning the
actions of my immediate super
visor ... and the true reasons for
the ‘tippeeV sale of ImClone
stock,” Faneuil said. He pleaded
guilty to a misdemeanor charge
of receiving money and other
valuables to keep quiet.
In exchange for stonewalling
investigators, Faneuil was
offered an extra week of vaca
tion and a free airline ticket, and
was given an increase in his
commission rate, according to
court papers. His lawyer denied
published reports Faneuil had
received Knicks basketball tick
ets in exchange for his silence.
Faneuil worked at Merrill
Lynch for Stewart’s broker,
Peter Bacanovic. Immediately
after the plea, the firm said
both Bacanovic and Faneuil
had been fired.
Stewart dumped nearly
4,000 shares of ImClone just
before the stock price dropped
on news that the Food and Drug
Administration would not
review its highly touted cancer
drug, Erbitux.
Court papers did not identify
who received the insider infor
mation, but all details point to
Stewart. Faneuil’s lawyer,
Marvin Pickholz, asked outside
court whether the “tippee” was
Stewart, said: “If you guys read
this infonnation and you can t
fill in the blanks, you’re in seri
ous trouble.”
Allyn Magrino, a spokes
woman for Stewart, declined to
comment on Faneuil’s plea.
Bacanovic’s lawyer did not
immediately return a call for
comment.
Prosecutors are trying to
determine if Stewart was tipped
off by her close friend Sam
Waksal, ImClone’s founder and
former chief executive. He has
pleaded innocent to charges he
told family members to dump
millions in ImClone stock
before the bad news about
Erbitux hit the markets.
According to prosecutors,
Faneuil’s boss let the “tippee”
know on Dec. 27 that Waksal
was trying to sell all ImClone
stock he held at Merrill Lynch.
“The tippee then sold all of
the tippee’s shares of ImClone
stock, approximately 3,928
shares, yielding proceeds of
approximately $228.0(X),” the
court papers said.
Stewart has said she had a
standing order to sell her
ImClone stock if they fell below
$60. Faneuil initially gave inves
tigators the same account, but
later changed his story' and said
there had been no such order.
The misdemeanor charge
against Faneuil carries up to a
year in prison, but under the
plea bargain, he will probably
get probation.
“This public plea is
designed to convince Martha
Stewart to lay down her sword
and admit that she traded on
inside information,” said Seth
Taube, a former Securities and
Exchange Commission lawyer
Broker’s assistant pleads guilty,
will testify against Martha Stewart
Douglas Faneuil, an assistant to Martha Stewart's stockbrokei
pleaded guilty Wednesday as part of a deal to testify against
Stewart and others who might be charged in connection with safe
of ImClone Systems Inc. shares last December.
Dec. 27,
2001:
Stewart
Percent sells
change almost
40%
4,000
shares of
ImClone.
June 6, 2002: The
House Energy and
Commerce Committee,
which is investigating
ImClone trading, says
it is probing Stewart s
stock sale.
June 21: Merrill Lynch J
Co. announces that it has
suspended Stewart's
broker, Peter Bacanovic
and his assistant. Douga;
Faneuil.
20%
0%
Martha Stewart
Omnimedia
Sept. 10: The House
committee asks the
Justice Departmer*
begin a criminal
investigation into
whether Stewart
knowingly lied to
lawmakers.
-20%
-40%
-60
Dec. 28: The
Food and Drug
Administration
announ-ces it
has re- jected
-80% ,r nClones
application for
Erbitux. a
promising
cancer drug.
June 12:
Samuel Waksal
is arrested,
dumping his
ImClone
shares and
advising
family
members
also to
sell.
Oct.:
Fanej
pleads gi-
and agrees
testify aga-s
Stew.
Aug. 12:
Waksal pleads
innocent to a
criminal indictment
-100%
that includes new charges of obstruction
of justice and bank fraud and previous
insider trading and penury counts.
Dec. Jan. Feb. March April May June July Aug. Septfc
SOURCES: Yahoo.com; Commodity Systems Inc.; Associated Press
now in private practice.
“The idea is, you flip Faneuil,
then you flip Bacanovic. and then
you get Stewart,” Taube said.
“She is clearly the top of the
bv
pyramid in this little triangle
Mark Herr, a Merrill Ly
spokesman, said the firm
cooperated fully with invert
gators.
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