Chapter 4. Executive Behavior
In some cases, company leaders have let us down by committing acts of fraud and deception. For example, Tyco CEO Dennis Kozlowski is accused of using company locations to drop ship personal purchases in order to avoid paying $1 million in state sales tax. Former ImClone Systems CEO Samuel Waksal was indicted by federal prosecutors for using inside information about the firm to tip off relatives about upcoming problems in time for them to sell their stock. Family members sold $10 million in stock just before it became public that the Food and Drug Administration (FDA) had rejected the firm's primary product. Martha Stewart has also been caught up in the ImClone scandal because she sold ImClone stock just before the ...
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