Boston ju­ry finds biotech CEO guilty of fleec­ing in­vestors, ob­struc­tion of jus­tice

The biotech CEO who promised to end “thou­sands of years of mor­phine and opi­ate ad­dic­tion” and al­leged­ly told in­vestors they could re­al­ize huge gains by in­vest­ing in his com­pa­ny — which he said was worth $1 bil­lion dol­lars be­fore it rapid­ly ran out of cash — has been con­vict­ed of fraud by a Boston ju­ry.

Frank Reynolds, CEO of Pixar­Bio and for­mer head of In­Vi­vo Ther­a­peu­tics, was found guilty of ly­ing to in­vestors to dri­ve up the stock price, Law360 re­port­ed. He was con­vict­ed on all counts, in­clud­ing se­cu­ri­ties fraud, ma­nip­u­la­tive trad­ing and ob­struc­tion of jus­tice.

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