Biotech Exec Indicted On Charges He Stole Investor Funds

Law360, New York (May 21, 2013, 8:36 PM EDT) -- A businessman whom New Jersey securities regulators sued for allegedly running a $9.5 million investment scam has been indicted on charges that he pilfered more than $230,000 from his biotechnology and medical device companies, the state attorney general announced Tuesday.

Thomas J. Fagan, 57, is accused of stealing investor funds from Energex Systems Inc. and Arbios Systems Inc. to cover personal expenses ranging from gambling losses to an out-of-court legal settlement, according to Attorney General Jeffrey S. Chiesa.

A Tuesday indictment from the state grand jury...
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