SEC Hits Former MediCor CEO With Fraud Suit

Law360, New York (January 14, 2011, 6:55 PM EST) -- Securities regulators on Friday sued Theodore Maloney, former CEO of bankrupt MediCor Ltd., claiming he helped the company's incarcerated former chairman fraudulently take millions of dollars out of a real estate investment firm to fund the medical device startup.

Maloney, currently the managing director and general counsel of a California financing company, has not been criminally charged in connection with the MediCor matter, the U.S. Securities and Exchange Commission said in its complaint.

Starting in 2004, Maloney, who lives in Dana Point, Calif., played a key...
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