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Securities and Exchange Commission v. Jacoby, et al

  1. March 17, 2023

    Ex-Biotech Exec Ordered To Pay $45K Over Fraud Allegations

    A Maryland federal judge on Friday ordered a former chief financial officer of biotech company Osiris, Therapeutics Inc. who was accused by the U.S. Securities and Exchange Commission of securities fraud, to pay only $45,000 of the $224,000 he was found to be liable for.

  2. October 20, 2021

    Judge Will Rethink SEC's Partial Win Against Ex-Biotech CEO

    A Maryland federal judge has agreed to reconsider the U.S. Securities and Exchange Commission's partial win against a former CEO of biotech company Osiris who has been accused of securities fraud.

  3. October 01, 2021

    Judge To Reconsider Partial SEC Win Against Ex-Biotech Exec

    A Maryland federal judge has granted a reconsideration motion for a former executive of biotech company Osiris Therapeutics Inc., whom regulators accused of scheming to distort the company's books, finding that there is a factual dispute over whether a certain purported reporting violation was material.

  4. February 02, 2021

    SEC Nabs Partial Win Against Ex-Biotech Executives

    A Maryland federal judge on Tuesday granted the U.S. Securities and Exchange Commission a partial victory against two former executives of the biotech company Osiris Therapeutics Inc., over allegations the pair schemed to distort the company's books.

  5. December 14, 2020

    Biotech's Former Brass Fights SEC Efforts To Get Court Wins

    Attorneys for the former CEO and CFO of biotechnology company Osiris Therapeutics Inc. on Monday tried to rebuff the U.S. Securities and Exchange Commission's efforts to secure partial judgments against them, claiming the agency was relying on thin evidence to prove the executives cooked the company's books.

  6. August 21, 2020

    SEC Says There's 'No Dispute' Biotech Brass Broke Law

    The U.S. Securities and Exchange Commission on Friday sought partial judgments against the chief executive officer and chief financial officer of biotechnology company Osiris Therapeutics Inc., telling a Maryland federal judge that there was no good faith argument to be made that the men didn't violate federal securities law by scheming to cook the company's books.

  7. October 17, 2019

    Ex-Biotech Exec Agrees To Penalty For Deceiving Auditors

    The U.S. Securities and Exchange Commission announced Thursday that the former business chief of Osiris Therapeutics Inc. has agreed to pay $40,000 to exit a case accusing him and other executives of duping an auditor into allowing the biotech company to book fake revenue.

  8. March 09, 2018

    Ex-Biotech CEO Blasts SEC's 'Guilt By Association' Suit

    The former CEO of a biotech research company slammed the U.S. Securities and Exchange Commission on Thursday in Maryland federal court, saying an amended complaint claiming he and other executives duped an auditor into allowing them to book $1.1 million in fake revenue still doesn't allege any wrongdoing on his part and is a "misguided attempt of 'guilt by association.'"

  9. February 02, 2018

    Ex-Biotech CFO Avoids Prison For Hornswoggling Auditor

    A Manhattan federal judge on Friday declined to put former Osiris Therapeutics Inc. Chief Financial Officer Philip Jacoby behind bars for duping auditor BDO USA LLP into allowing $1.1 million of fake revenue to be booked for the Maryland biotech research company, but the 66-year-old Baltimore man was hit with a $10,000 fine.

  10. November 03, 2017

    Feds Accuse Biotech Co., Execs Of 'Wide-Ranging Fraud'

    Medical products maker Osiris Therapeutics Inc. and four top executives were accused of fraud by the U.S. Securities and Exchange Commission on Thursday, with the company settling for $1.5 million the same day and its former chief financial officer facing criminal charges in connection with the case.