SEC charges Frost and Honig with stock promotion schemes; OPKO down 18%
Sep. 7, 2018 3:10 PM ET|About: OPKO Health, Inc. (OPK)|By: Douglas W. House, SA News Editor
The SEC has charged billionaire Phillip Frost, microcap stock investor Barry Honig and others with "pump-and-dump" stock promotion schemes. The agency says the two men were members of a South Florida-based investor group that manipulated the stock prices of three companies that generated over $27M in ill-gotten gains from 2013 to 2018 while leaving retail investors holding the bag.
Dr. Frost is well-known in biotech land, starting OPKO Health (OPK -18%) and making additional investments in a wide range of medical companies. He was Chairman of Teva Pharmaceutical Industries from March 2010 until December 2014.
Mr. Honig is a familiar name to investors who dabble in tiny medical stocks. I'll leave it at that.
Update: Nasdaq has suspended trading in OPK pending the receipt of information related to the SEC charges.
Sep. 7, 2018 3:10 PM ET|About: OPKO Health, Inc. (OPK)|By: Douglas W. House, SA News Editor
The SEC has charged billionaire Phillip Frost, microcap stock investor Barry Honig and others with "pump-and-dump" stock promotion schemes. The agency says the two men were members of a South Florida-based investor group that manipulated the stock prices of three companies that generated over $27M in ill-gotten gains from 2013 to 2018 while leaving retail investors holding the bag.
Dr. Frost is well-known in biotech land, starting OPKO Health (OPK -18%) and making additional investments in a wide range of medical companies. He was Chairman of Teva Pharmaceutical Industries from March 2010 until December 2014.
Mr. Honig is a familiar name to investors who dabble in tiny medical stocks. I'll leave it at that.
Update: Nasdaq has suspended trading in OPK pending the receipt of information related to the SEC charges.