SEC Charges Biotech Firm With Fraud | Chemical & Engineering News
Volume 89 Issue 33 | p. 17 | Concentrates
Issue Date: August 15, 2011

SEC Charges Biotech Firm With Fraud

Department: Business
News Channels: Biological SCENE
Keywords: misleading investors, insider trading, biopharmaceuticals

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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