Issue Date: August 15, 2011
SEC Charges Biotech Firm With Fraud
The Securities & Exchange Commission has filed a complaint in federal court against biopharmaceutical firm Immunosyn, three shareholder companies, and four senior executives. The complaint charges Immunosyn with misleading investors about the regulatory status of SF-1019, a goat-blood-derived biological response modifier being developed by Argyll Biotechnologies, its controlling shareholder. It also charges the executives with making $20 million in insider-trading profits. SEC wants to force the executives to return their profits and pay penalties and to bar them from serving as officers of a public company.
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