Advanced Cell Agrees To Pay $4M Over Alleged Stock Scheme

Law360, Miami (January 2, 2014, 5:24 PM EST) -- Advanced Cell Technology Inc. on Monday agreed to pay $4.1 million to resolve allegations by the U.S. Securities and Exchange Commission that the biotechnology firm issued unregistered penny stocks through sham legal settlements in a long-running scheme.

Advanced Cell Technology, which did not admit or deny the allegations, will disgorge $3.5 million in profits allegedly gained in the scheme plus prejudgment interest of $586,619, according to a final judgment issued in the Middle District of Florida by U.S. District Judge Mary S. Scriven.

The SEC did...
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Case Title

Securities and Exchange Commission v. Lefkowitz et al


Case Number

8:12-cv-01210

Court

Florida Middle

Nature of Suit

Securities/Commodities

Judge

Mary S. Scriven

Date Filed

May 30, 2012

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