An investor formerly known as the "King of Biotech" has reached a settlement with the U.S. Securities and Exchange Commission over a market manipulation scheme, according to court documents filed on Thursday. David Blech, who earned the nickname as a founder of companies and a major investor in the biotechnology sector, agreed to pay $1.03 million in disgorgement and interest for the scheme. In 2012 the SEC had accused Blech of buying and selling significant amounts of stock in two biopharmaceutical companies, Pluristem Therapeutics Inc and Intellect Neurosciences Inc through more than 50 brokerage accounts he established in the names of family and friends in order to create an artificial appearance of activity in the stocks.
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