Mr Waksal's friend Martha Stewart is also facing a jail term

ImClone Systems filed a civil lawsuit in Manhattan Supreme Court against Mr Waksal demanding compensation for taxes it says it paid on his behalf.

Mr Waksal allegedly sold share options worth $63m but failed to pay income tax, leaving the firm to do so.

He was jailed for insider trading in ImClone's shares and tax evasion.

Famous friends

Mr Waksal was arrested after members of the Waksal family sold ImClone shares in December 2001, one day ahead of the publication of a damaging assessment of one of Imclone's cancer drugs from the US Food and Drug Administration.

The scandal over insider dealing in ImClone shares mesmerised the American public after it spread to include style guru Martha Stewart.

She was a friend of Mr Waksal's, and she also sold ImClone shares at that time.

She is awaiting sentencing after being found guilty of conspiracy, false statements and obstruction of justice over the share dealings. She plans to appeal.

In its lawsuit, ImClone says Mr Waksal failed to make a tax return for three years and failed to pay tax on the sale of share options.