Biotech CEO Backpedals On Guilty Plea For Funneling Shares

Law360, Jersey City (October 8, 2015, 7:45 PM EDT) -- Proteonomix Inc.'s CEO, who allegedly funneled shares in the biotech to a company he controlled without the proper securities filing disclosures, has sought to undo his guilty plea, arguing his attorney gave bad advice and prosecutors threatened to pursue his family.

Representing himself, Michael M. Cohen told a New Jersey federal court Monday that the government had threatened to prosecute his elderly father-in-law if Cohen did not admit guilt, and that his attorney, Jacob Frenkel, refused to communicate with Cohen.

Cohen had pocketed more than $600,000 by funneling millions of Proteonomix shares to companies that his father-in-law nominally controlled, then selling...

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