How a 81-Year-Old Billionaire's Deals With Bitcoin Bulls Riled the SEC
- Opko’s Frost and Riot Blockchain CEO are among 10 sued by SEC
- Agency says they made $27 million pumping up penny stocks
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It’s the curious case of an 81-year-old biotech billionaire hooking up with Bitcoin bulls, and the partnership leading to all of them getting sued by the U.S. Securities and Exchange Commission.
Phillip Frost, who made a fortune from drug-development companies, teamed up with cryptocurrency investors Barry Honig and John O’Rourke to drive up penny stocks, the SEC said. One tactic was commissioning glowing articles on Seeking Alpha about companies the three owned shares in, while highlighting Frost’s involvement to show a wealthy and successful investor was a backer.