“We are pleased with the jury’s finding that Stephen Ferrone defrauded Immunosyn’s investors with misleading statements in the company’s filings and press releases and his own speeches and interviews.  We will continue to hold executives accountable when their companies provide misleading information and fail to give investors a full and honest picture of what’s happening with their products.”

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More Information:

·         The SEC alleged that Stephen D. Ferrone, an Illinois resident who was CEO of biopharmaceutical company Immunosyn Corp., signed and certified public filings that misled investors about the regulatory status of its sole product called SF-1019, a drug derived from goat blood that was intended to treat a variety of ailments.  Ferrone’s company allegedly misrepresented that human clinical trials were ready to commence and omitted that the Food and Drug Administration had issued full clinical holds on the regulatory approval applications.

·         The two-week trial against Ferrone has taken place in federal court in Chicago (U.S. District Court for the Northern District of Illinois, Eastern Division).

·         The jury today delivered its verdict finding: (1) Ferrone’s statements in multiple annual reports, quarterly reports, current reports, press releases, speeches, and interviews fraudulently misled investors; and (2) Ferrone signed and filed false certifications to several Immunosyn annual and quarterly reports.

·         The case was filed in 2011: see news release and SEC complaint.

·         The SEC obtained judgments against other company executives in 2014: see release