Ex-Pharma Holdings Execs Shell Out $2M To End Fraud Suit

Law360, New York (August 30, 2011, 4:05 PM EDT) -- Two former pharmaceutical executives agreed to pay more than $2 million on Monday to settle allegations in Florida that Pharma Holdings Inc. and its principals fraudulently sold $5 million of Pharma Holdings stock to at least 80 European investors.

In a final judgment, U.S. District Judge Kenneth A. Marra ordered former Pharma Holdings CEO Edward Klapp IV and his father, Chief Financial Officer Edward Klapp Jr., to pay $2,038,746 in fines and disgorgements and barred both men from acting as an officer or a director of...
To view the full article, register now.