Biotech CEO who lied about cur­ing his own paral­y­sis sen­tenced to 7 years in jail

Three years af­ter the SEC first sus­pend­ed trad­ing of Pixar­Bio and be­gan in­ves­ti­gat­ing CEO Frank Reynolds, the saga is end­ing with a sev­en-year sen­tence for the biotech ex­ec.

In ad­di­tion to mis­lead­ing in­vestors and ma­nip­u­lat­ing share prices, Reynolds was con­vict­ed for ob­struct­ing the SEC’s ef­forts to in­ves­ti­gate those pre­cise acts of se­cu­ri­ties fraud. His prison term was ac­com­pa­nied by an or­der to pay $280,000 in for­fei­ture and around $7.5 mil­lion in resti­tu­tion, and will be fol­lowed by three years of su­per­vised re­lease.

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