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...
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Case Information

Case Title

Securities and Exchange Commission v. Pharma Holdings, Inc. et al


Case Number

9:10-cv-81615

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Kenneth A. Marra

Date Filed

December 22, 2010

Government Agencies

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