By
Adrianne Appel2024-09-13T18:06:00
Former executives of Medly, an online pharmacy that is now shuttered, have been charged by the Securities and Exchange Commission (SEC) with defrauding investors.
Former CEO Marg Patel, former Chief Financial Officer Robert Horowitz, and former Head of Pharmacy Operations Chintankumar Bhatt, were charged with violating the antifraud provisions of securities laws, according to a press release Thursday. Bhatt was also charged with aiding and abetting Patel and Horowitz to violate securities laws.
Starting at least in February 2021, Bhatt entered millions worth of fake prescriptions into Medly’s system, according to the complaint, filed in U.S. District Court for the Eastern District of New York. Many of the fake prescriptions were for very high-cost medications.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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