The former CEO of Boston drugmaker PixarBio was sentenced Feb. 18 to seven years in prison for defrauding the company's investors, MassLive reported.
Frank Reynolds claimed PixarBio's drug, NeuroRelease, cured his paralysis. Evidence presented during the trial showed Mr. Reynolds was never paralyzed, according to MassLive.
He also promised investors the drug would end morphine and opiate addiction.
Prosecutors said Mr. Reynolds told two company employees to engage in manipulative trading, which artificially inflated the company's stock price, according to MassLive.
Mr. Reynolds also misrepresented the timeline of FDA approval for NeuroRelease.
He was ordered to pay $280,000 in forfeiture and $7.5 million in restitution, MassLive reported.
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