Immunosyn Execs Hit With $20M Insider Trading Suit

Law360, New York (August 2, 2011, 5:13 PM EDT) -- Executives at San Diego biotechnology firm Immunosyn Corp. hyped an experimental HIV drug, raising $20 million from investors, then sold their shares without disclosing that the drug's approval process was on hold, regulators claimed Monday in an Illinois insider trading suit.

The U.S. Securities and Exchange Commission's suit names Immunosyn CEO Stephen Ferrone and Chief Financial Officer Douglas McClain Jr. as defendants and seeks disgorgement, civil penalties and an order blocking them from serving as an officer or director of a publicly traded company.

"From 2006...
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