U.S. Securities and Exchange Commission charges OPKO’s Phillip Frost with batch fraud
The U.S. Securities and Exchange Commission pronounced on Friday it has charged 10 people and 10 compared entities in long-running microcap “pump-and-dump” schemes.
The SEC pronounced that from 2013 to 2018, a organisation of South Florida-based investors manipulated a share cost of bonds in 3 unclear companies, generating over $27 million from wrong sales and withdrawal sell investors with “virtually meaningless stock.”
The SEC named Barry Honig and “Miami biotech billionaire” Phillip Frost among a individuals, observant Honig helped acquire vast quantities of association batch and intent in manipulative activity after holding tenure interests in a companies. OPKO Health Inc (OPK.O) was named among a charged entities. Frost is authority and CEO of OPKO, a twin listed association traded in Tel Aviv and Wall Street.
Frost served until 2014 as chairman of general drug hulk Teva Pharmaceuticals. Frost assimilated Teva in 2006 as a house member, after a drug hulk bought control of Frost’s association Ivax for $7.4 billion. Frost was allocated house authority in 2010 in place of long-term authority Eli Hurvitz, who quiescent due to his disappearing health.
OPKO has been traded on a Tel Aviv Stock Exchange given Apr 2013, after OPKO Health bought Israeli biomedical association Prolor Biotech. This understanding was of seductiveness given Frost hold both OPKO and Teva.
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