Monday, 20 January 2014

ACT to pay $4.1M over alleged stock violations

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Advanced Cell Technology of Marlborough (ACT) agreed last week to pay $4.1 million over the next 18 months to settle claims made by the U.S. Securities and Exchange Commission that the company sold billions of shares of unregistered penny stocks.

ACT, which didn't admit or deny the allegations, will pay $3.5 million in profits it allegedly gained as well as interest of $586,619, according to a judgment issued by a U.S. District Court judge in Florida.

The alleged violations occurred in late 2008 and early 2009 under former CEO William Caldwell IV, who died in 2010.

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