SEC Hits Biotech Investor With Market Manipulation Suit

Law360, New York (May 10, 2012, 7:00 PM EDT) -- Biotechnology financier David Blech, who pled guilty Wednesday to securities fraud for manipulating the stock prices of two biotech companies, will now have to face off with the U.S. Securities and Exchange Commission over the same scheme.

The suit, which also names Blech's wife, Margaret Chassman, said the fraud “involves a complex market manipulation” carried out since at least 2007 by a man who was previously convicted of securities fraud and is barred for life from associating with a broker-dealer.

According to the SEC's suit, using...
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