Samuel Waksal, the ImClone Systems Inc. founder who is serving seven years in prison for insider trading, Wednesday lost a bid to receive a new sentence.
U.S. District Judge William Pauley rejected arguments that Waksal should not have been sentenced under federal guidelines.
Earlier this year, the U.S. Supreme Court said the guidelines should be advisory for judges rather than mandatory. But Pauley said the ruling did not apply in Waksal’s case.
Waksal began serving his prison term in July 2003 after pleading guilty to securities fraud, obstruction of justice, perjury and other charges.
The insider trading scandal at ImClone, a biotechnology company, also ensnared some of Waksal’s family and friends, including lifestyle trendsetter Martha Stewart.
Stewart served five months in prison and five months home confinement after being found guilty of lying to investigators about her role in trading ImClone shares.