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Sunday, October 04, 2015 2:33:00 AM
SEC Charges CellCyte With Stem Cell Fraud for misleading investors.
Wow this sounds very familiar and not just the names!! Hmmm will PharmaCyte be the next CellCyte? SEC is already watching PMCB after they've made misleading statements to investors already.
See here> http://www.sec.gov/Archives/edgar/data/1157075/000101968714003235/filename1.htm
The Securities and Exchange Commission today charged CellCyte Genetics Corporation, a biotechnology company based in Bothell, Wash., and its former CEO and Chief Scientific Officer, for [color=falsely telling investors that the company's cutting-edge stem cell technology had been proven successful and was headed for human trials. In reality, the SEC alleges, the company merely had a license for a very early stage technology and no reasonable basis for its claims. According to the SEC, stock promoters hired by the company then spread the false information to investors,[/color] briefly driving the stock price to $7.50 before it plummeted back down to under a dime.
“CellCyte and its senior officers knew that it would take years of research to determine whether the stem cell discovery could be developed into a viable product,” said Marc Fagel, director of the SEC’s San Francisco Regional Office, in a statement. “In their rush to cash in on the promise of stem cell research, they concealed the true facts from investors.”
https://www.sec.gov/litigation/litreleases/2009/lr21200.htm
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