Billionaire Philip Frost Settles To Proposed Verdict In SEC Case
Dr. Philip Frost—an ex-chairman of Teva and biotechnology billionaire—has agreed to a planned settlement with the SEC (Securities and Exchange Commission) in a civil case that the department called “rewarding market manipulation schemes” valued of $27 Million, as per to reports. In the proposed settlement, that was filed recently, Frost did not agree or deny the SEC’s accusations Frost is presently Chairman and CEO of Opko Health. In the course of the planned settlement, which is dependent on court approval, Frost will reimburse $5.5 Million to the SEC and is eternally barred from contributing in offerings of penny stocks—with exclusions—according to court documents.
Frost, who manages Frost Gamma Investments Trust and Opko Health, were among the 10 individuals and 10 related entities that were charged in September. Reportedly, Opko Health and Frost Gamma Investments Trust also settled to proposed settlements and neither accepted nor contradicted the SEC’s allegations. Opko has decided to pay a $100,000 fine and to some undertakings with concerning SEC compliance and investments, according to court documents. In a statement issued by Opko, Frost said, “We have got an agreement with the SEC that will finish a possibly contentious, expensive, and time-consuming lawsuit and I am glad that we can concentrate on a productive and an exciting 2019 for Opko Health.”
On a similar note, recently, Opko Health was also in news as its stock was unstable again after the SEC settlement. The shares of Opko Health Inc. were increased by 28.1% to trade settling at $3.31 after the CEO Philip Frost settled for a $5.52 Million settlement with the U.S. SEC. It has been an unpredictable stretch for the stock, for its 120-Day historic volatility of 88%, which records in the lifted 97th annual percentile.