Palmaz Scientific Fights Fraud Charges After Bankruptcy Filing

Published: Mar 18, 2016

Stent pioneer Julio Palmaz, MD recently announced that his medical device surface technologies firm Palmaz Scientific had filed for bankruptcy amidst a “negative campaign of false information.” His company had been working on next-generation stents and other implantable devices.

Some investors in the company have complained that they were defrauded by the company. Specific allegations include claims that their investment cash disappeared amidst securities fraud and civil theft. The investors also claimed that the company exaggerated the benefits of one of its stents and that it used fundraising cash for unrelated legal expenses and generous salaries for the companies’ management.

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