No 'Rubber Stamp' For SEC Penalties In NJ Biotech Fraud Row

Law360, Newark (February 23, 2018, 6:50 PM EST) -- A New Jersey federal judge on Friday said she would not “rubber-stamp” the U.S. Securities and Exchange Commission's demand for more than $1 million from a onetime biotech chief executive without evidence to back up the agency's claims that he pocketed illicit proceeds from the sale of company stock.

U.S. District Judge Madeline Cox Arleo denied without prejudice the SEC's motion for monetary relief and final judgment in its lawsuit against Proteonomix Inc. and Michael M. Cohen, saying it would be inequitable to order disgorgement without...
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Case Information

Case Title

SECURITIES AND EXCHANGE COMMISSION v. COHEN et al


Case Number

2:15-cv-01292

Court

New Jersey

Nature of Suit

Securities/Commodities

Judge

Madeline Cox Arleo

Date Filed

February 19, 2015

Government Agencies

Judge Analytics

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