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2016 SEC trial scorecard update: agency moves to 4-0 in trial verdicts

Bruce Carton | April 30, 2016

Yesterday, the SEC continued its undefeated streak in its FY 2016 federal court trials. The SEC announced that on April 29, following a two week trial in the U.S. District Court for the Northern District of Illinois, a jury returned a verdict in favor of the SEC in its case against Stephen D. Ferrone.

The SEC alleged in its complaint that Ferrone, who was CEO of biopharmaceutical company Immunosyn Corp., signed and certified certain public filings that
misled investors about the regulatory status of its sole product called SF-1019, a drug derived from goat blood that was intended to treat a variety of ailments.  Ferrone’s company allegedly misrepresented that human clinical trials were ready to commence and omitted that the Food and Drug Administration had issued full clinical holds on the...
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