Biotech Settles False Claims Charges

Law360, New York (September 26, 2008, 12:00 AM EDT) -- The founder and chief investment officer of a California biotech firm that claimed it would have a cure for cancer within three years has settled U.S. Securities and Exchange Commission charges that they bilked investors out of $6.5 million by making false claims and fraudulent regulatory filings.

Matthew Sarad, the founder of Telomolecular Corp., and Jeremy Jobe, the company's CIO, did not admit or deny any of the allegations in the suit, which was filed and settled Thursday in U.S. District Court for the Eastern District...
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