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...
To view the full article, register now.