Miami billionaire Phillip Frost provided a rebuttal Friday to the SEC’s allegations a week earlier that he was involved in pump and dump schemes. He said he plans to vigorously contest the lawsuit.
Here is his statement:
“I was stunned by the SEC’s lawsuit and deny the allegations it contains against me. It was particularly disturbing that the SEC departed from its own longstanding practice of providing advance notice and a meaningful opportunity to address their questions in advance of filing an action.
“The allegations against me are belied by common sense, my history of supporting promising scientific technology, and the facts. I invested in two of the entities identified in the complaint. These investments were made because I understood the entities presented promising medical developments and a real opportunity to deliver value for shareholders. I remain a significant long-term shareholder in both companies.
“Nothing is more important to me than my integrity and I am deeply proud of the role I have played over many decades in developing medicines and diagnostic tools that have improved many lives. I intend to fight the charges that have been brought against me and will fight to clear my name.”