Matthew Sarad, the founder of Rancho Cordova, Calif.-based biotechnology start-up Telomolecular Corp., pleaded guilty to securities fraud in federal court in Sacramento on Wednesday, The Sacramento Bee reports. Sarad, of Folsom, Calif., was founder and chief executive officer of Telemolecular, which claimed it had developed a nanoparticle technology that could eradicate cancer and be used to treat other age-related diseases, according to a news release from the U.S. Attorney’s office in the Eastern District of California.
According to the indictment, which was filed in the U.S. District Court for the Eastern District of California on Sept. 14, 2011, between November 2005 and July 2008 Sarad solicited investors across the country to buy Telomolecular stock which was not properly registered with the Securities and Exchange Commission. Sarad used emails, internet advertisements, press releases, private placement memoranda and the company’s website to attract investors. He raised about $6.5 million from more than 300 investors.
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