FINRA Bans Firm, CEO Over Cancer Drug Kickback Scheme

Law360, New York (October 7, 2015, 1:16 PM EDT) -- The Financial Industry Regulatory Authority said Wednesday that it ousted New York-based Halcyon Cabot Partners Ltd. and two of its executives from the securities industry over allegations of widespread fraud, kickbacks and other violations, including a scheme involving a cancer drug development company.

The settlement alleges that Michael Morris, chief executive officer, and Ronald Heineman, chief compliance officer, engaged in a variety of illegal schemes in violation of securities laws, including concealing private placement fee kickbacks, serving as a false agent for an expelled broker-dealer and cooking their books to hide excessive trading.

“All of these violations were enabled by the...

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