The Securities and Exchange Commission has charged the chief executive officer of a penny stock biopharmaceutical company with deceiving investors by publishing press releases about the success of a vaccine development company that was actually tanking, the agency said Friday.
CytoGenix CEO Lex Cowsert, along with alleged serial con artist Christopher Plummer, misled investors by making extravagant claims about the microcap company’s revenue and other benefits from a “shared revenue agreement” with Franklin Power & Light, an electricity provider operated by Plummer, the SEC states.
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