Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, September 25, 2008

SEC Charges Biotech Start-Up with False Claims About Anti-Aging Treatments

The SEC charged Telomolecular Corp. and two of its former executives for their roles in a stock scheme based on false claims to investors that the biotechnology start-up company was on the verge of financial and scientific success in developing anti-aging treatments and cancer cures. The SEC alleges that Telomolecular and its founder and former CEO, Matthew A. Sarad, induced hundreds of investors nationwide to purchase $6.5 million worth of shares of Telomolecular stock. The SEC also charged Telomolecular's former Director of Investor Relations, Jeremy D. Jobe for his role in the stock sales. The SEC's complaint, filed in federal district court in Sacramento, further alleges that Jobe improperly sold approximately $2.5 million in Telomolecular stock to investors without being registered as a broker. Without admitting or denying the SEC's allegations, Telomolecular, Sarad and Jobe have agreed to settle the SEC's charges

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