In September 2005, the former President of Impath, Inc., Richard P. Adelson, was indicted on securities fraud and related charges in connection with a scheme to manipulate Impath's publicly reported earnings and other financial results and artificially inflate the market price of Impath's common stock from approximately 2000 until May 2003. Adelson has pled not guilty and his trial is scheduled to commence in United States v. Adelson, S2 05 Cr. 325 (JSR) on January 30, 2006. The charges against Adelson are merely accusations and he is presumed innocent unless and until proven guilty.
Additionally, in September 2005, a superseding Information was filed against Impath's former CEO, Anuradha D. Saad charging two felony counts of soliciting proxies and false proxy statements and one felony count of knowingly failing to implement a system of accounting controls. Saad pled guilty to those charges and is scheduled to be sentenced on January 17, 2006, at 4:00 p.m. in Courtroom 14B, 500 Pearl Street, New York, NY 10007.
In addition, in March 2005, four other former Impath employees pled guilty to various securities fraud-related counts related to the above-described scheme. For further details on the various charges and court proceedings to date, as well as your rights under federal law and notice of upcoming proceedings, view this page or go to http://www.usdoj.gov/usao/nys/victimwitness.html on the Internet.
If you believe you were a victim of these crimes and you wish to receive notice of future developments in the case, to submit written information concerning the impact this crime has had on you to assist the court in determining the sentence and any possible restitution, or to attend the sentencing hearing, please contact:
Wendy Olsen Clancy
United States Attorney's Office
One St. Andrew's Plaza
New York, New York 10007
The Court, in order to conduct orderly proceedings and to maintain a reasonable schedule, requires advance notice no later than one week prior to any court proceeding from victims who wish to be heard during court proceedings such as sentencings. Based on the number of victims who provide such notice, the Court will rule on the manner in which victims will be heard at such proceedings. Similarly, the Court requires any victims who object to the procedures in this case to file those objections with the Clerk of the Court for the Southern District of New York and serve those objections on all parties no later than one week prior to the specific proceeding objected to or the next scheduled proceeding.
- Indictment 05 Cr. 325 (JSR) against Saad and Adelson filed in March 2005
- Information S1 05 Cr. 325 (JSR) against Saad filed in September 2005
- Indictment S2 05 Cr. 325 (JSR) against Adeslon filed in September 2005
On January 17, 2006, Saad was sentenced by Judge Rakoff to three months imprisonment, two years of supervised release, a fine of $6,900 and a $300 special assessment. For a press release further describing this event, click here.
On February 16, 2006, Adelson was convicted following a two-week jury trial before Judge Rakoff on conspiracy to commit securities fraud, to make false statements in filings with the SEC, and to falsify Impath’s books and records, securities fraud, and three counts of false filings with the SEC. For a press release further describing this event, click here.
Upcoming scheduled court proceedings:
May 30, 2006, at 2:00 p.m., sentencing for Richard Adelson in United States v. Adelson, S2 05 Cr. 325 (JSR) in Courtroom 14B, 500 Pearl Street, New York, NY 10007
June 13, 2006, at 4:00 p.m., sentencing for David Cammarata in United States v. Cammarata, 05 Cr. 314 (JSR) in Courtroom 14B, 500 Pearl Street, New York, NY 10007
June 13, 2006, at 4:00 p.m., sentencing for Peter Torres in United States v. Torres, 05 Cr. 315 (JSR) in Courtroom 14B, 500 Pearl Street, New York, NY 10007
June 13, 2006, at 4:00 p.m., sentencing for Karin Gardner in United States v. Gardner, 05 Cr. 337 (JSR) in Courtroom 14B, 500 Pearl Street, New York, NY 10007
June 13, 2006, at 4:00 p.m., sentencing for Kenneth Jugan in United States v. Jugan, 05 Cr. 326 (JSR) in Courtroom 14B, 500 Pearl Street, New York, NY 10007