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Enforcement Action: Oncology Edition

Bruce Carton | September 26, 2008

So which is worse — inducing shareholders to purchase $6.5 million of your company's stock by falsely depicting the company as being on the verge of success curing cancer? Or defrauding a federal judge by falsely depicting yourself as having cancer such that you are so ill that you cannot participate in a potential SEC case against you?

Take your pick, as those are the allegations in separate cases that were reported on Wednesday and Thursday of this week. On Thursday, the SEC filed a settled case in federal court in California against Telomolecular Corp. and two of its former executives for a "fraudulent stock scheme" involving the sale of $6.5 million worth of its shares. The SEC alleges that the biotechnology start-up company and its executives "falsely depicted the company as on the verge of success as a biotechnology firm developing anti-aging treatments and cancer cures."...

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