Arrested and charged with fraud, PixarBio CEO Frank Reynolds could face up to 20 years in prison
A curious series of setbacks at PixarBio has culminated in the arrest of and charges against CEO Frank Reynolds and two of his associates, the SEC announced today.
Reynolds, 51, was charged by criminal complaint with securities fraud alongside Jay Herod and Kenneth Stromsland. According to the complaint, the trio allegedly began defrauding investors as soon as Reynolds founded the company in August 2013, “by making false and misleading statements about the company — its prospects, its financing, and the background and track record of Reynolds — and by engaging in manipulative trading of its shares.”
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.