Massachusetts-based biotechnology company Advanced Cell Technology and its former chief executive officer agreed to settled charges brought by the Securities and Exchange Commission alleging that the executive defrauded investors by waiting two years to report his sales of the company’s stock, the agency announced on Wednesday.
Former CEO Gary Rabin of Santa Monica, Calif., who left the company earlier this year, agreed to pay a $175,000 penalty to settle with the agency. ACT said it would pay a $375,000 penalty and hire an independent consultant to review some of the company’s reporting and compliance procedures, the SEC said.
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