Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
MIAMI (AP) — A Miami biotech billionaire with his name on the city's science museum says he has reached an agreement with the Securities and Exchange Commission to settle a civil complaint of stock fraud.
Phillip Frost and OPKO Health were charged in September in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock.
The 82-year-old CEO told the Miami Herald he had agreed to pay a $5.5 million penalty. He also agreed to a ban, with certain exceptions, on trading in penny stocks. OPKO agreed to pay a $100,000 penalty.
A court still must approve the settlement.
Frost and his wife donated $45 million to Miami's Phillip and Patricia Frost Museum of Science.
___
Information from: The Miami Herald, http://www.herald.com
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
