The former CEO of Nanobeak Biotech Inc. on Thursday was convicted at trial over a purported yearslong scheme to con investors out of millions of dollars through false claims that his nanotechnology company developed a breathalyzer device that could detect narcotics and cancer.
This Week In Securities Litigation (Week of December 14, 2020)
The exit continues at the Commission. This week Director of Enforcement Stephanie Avakian announced her departure from the agency at the end of the year. She has been preceded by the Director of Corporation Finance and the General Counsel. The Chairman previously announced his departure at year end.
Last week Enforcement filed a series of cases. Two were based on false statements tied to financial issues, one against GE and another involving CheeseCake Factory. The agency also brought two offering fraud actions, a case involving digital assets and another tied to share class selection conflicts.