Notable Biotech Investor Cops To Securities Fraud

Law360, New York (May 9, 2012, 7:01 PM EDT) -- David A. Blech, a prominent biotechnology financier who was once among the richest people in the U.S., pled guilty Wednesday to securities fraud for manipulating the stock prices of two biotech companies.

Blech, 56, admitted that he used a manipulative pattern of sales to prop up the price of shares in Pluristem Therapeutics Inc. and Intellect Neurosciences Inc. from 2005 to 2008 as he sought to sell off his stakes in the companies to pay debts. He pled guilty to two counts of securities fraud....
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