Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. Patel
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Par Pharmaceutical (Par), a corporation engaged in the manufacturing of generic drugs, whose founder, director and senior vice president named Patel, submitted an application to the Food and Drug Administration (FDA) that included a forged certification of study for the ingredient sodium bicarbonate. Patel was aware of the fabrication and he consequently sold 75,000 of his shares in Par at an average of $21 per share, totaling $1,576,358. Investigations into claims of bribery and payoffs to FDA officials had taken place previously involving Par, with Par pleading guilty to these charges. When Par publicized its Maxide tablet recall, the price of Par's stock dropped to $7.625 per share. Patel resigned as director and senior vice president of Par and pled guilty to charges of conspiracy to defraud the FDA. Patel was ordered to pay a $25,000 fine and sentenced to a jail term of twenty-seven months. Charges of federal securities law violations were initiated against Patel by the SEC. The district court prohibited Patel from future securities law violations, demanded disgorgement of his illegal profits, and enforcing a lifetime prohibition on serving as an officer or director of any public corporation. Patel appealed.
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