Angry Shareholders Sue Miami Billionaire Phillip Frost Over Pump-and-Dump Allegations
In September, the U.S. Securities and Exchange Commission slapped Miami biotech billionaire Phillip Frost with a massive lawsuit accusing him of stock fraud. According to the SEC, Frost and his co-conspirators artificially inflated the price of stocks and then exited with millions, leaving other investors with virtually worthless shares. After the charges were announced in national media, stock prices for Frost’s company, Opko Health, plummeted.