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Dr. Philip Frost Offers SEC Settlement In Florida Microcap Stock Scheme

Dr. Philip Frost, CEO and chairman of Opko Health, has agreed to a proposed settlement with the SEC in a microcap stock manipulation scheme.Back in October, we told you about charges filed by the SEC against Florida businessman Barry Honig in a microcap stock manipulation scheme that netted Honig and his associates $27 million in fraudulent funds.

One of those associates, Dr. Philip Frost, has agreed to a proposed settlement with the SEC in this case. Frost is a biotech billionaire who is CEO and chairman of Opko Health and former chairman of Teva Pharmaceutical Industries Ltd. He was among ten people and ten entities charged in September in relation to the “pump-and-dump” stock scheme.

Frost filed the proposed settlement, and he neither confirmed nor denied the allegations from the SEC. As part of this settlement, Frost will pay $5.5M to the SEC and will be barred from participating in offerings of penny stocks, with some exceptions. The settlement is subject to court approval.

Two of the companies, Opko Health and the Frost Gamma Investments Trust, were also charged in September. Court documents also indicate that both companies agreed to settlements, with Opko Health paying a penalty of $100,000 and to some undertakings with regard to investments and SEC compliance. Frost is a trustee of the Frost Gamma Investments Trust.

Frost will continue to serve as CEO and chairman of Opko Health. He released a statement, in which he said, “We have reached agreement with the SEC that will end a potentially expensive, contentious and time-consuming litigation and I am happy that we can focus on an exciting and productive 2019 for OPKO Health.”

If your financial advisor recommended any of the stocks involved in the Barry Honig matter, you may be able to recover your investment losses. Our South Florida lawyers have been involved in many pump and dump schemes and we have successfully recovered investment losses through securities arbitration and the courts.

Did You Invest In These Microcap Stocks?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.

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