Biotech Firms, Exec Pay $11M To Settle NJ Fraud Suit

Law360, New York (May 30, 2013, 3:34 PM EDT) -- A businessman and the New Jersey biotechnology companies he once ran will pay $11.2 million in restitution and civil penalties to settle state legal action over alleged securities violations, authorities announced Thursday, days after he was indicted for the alleged theft of more than $230,000 in investor funds.

While Thomas J. Fagan, 57, still must face criminal accusations that he pilfered investor money from Energex Systems Inc. and Arbios Systems Inc. to cover gambling losses and other personal expenses, the agreement resolves a civil lawsuit that...
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