
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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