Sanofi, GSK face U.S. investigation over potential Zantac carcinogen link

REUTERS

The U.S. Department of Justice has opened an investigation into whether drugmakers including Sanofi SA failed to disclose to the federal government information about the potential presence of a probable carcinogen in the heartburn drug Zantac.

Sanofi and GlaxoSmithKline in separate filings with the U.S. Securities and Exchange Commission on Wednesday said they received civil investigative demands from the Justice Department last month seeking information related to Zantac. read more »

SEC Charges Former Georgia State Legislator With Defrauding Investors in Ponzi Scheme

SEC

The Securities and Exchange Commission today charged former Georgia state legislator and former member of the Georgia Board of Regents Clarence Dean Alford with defrauding at least 100 investors in his now-bankrupt energy development company, Allied Energy Services LLC.

According to the SEC’s complaint, from 2017 to 2019, Alford fraudulently raised at least $23 million by selling promissory notes to investors – primarily Indian-American professionals – that he guaranteed would provide high annual rates of return. According to the complaint, Alford presented Allied as a successful business when in fact it was struggling, and claimed that investors’ funds would finance energy projects while using most of the funds to make interest payments to earlier investors and for personal expenses, including building a multmillion-dollar home. read more »

SEC Charges CEO and Company With Defrauding First Responders and Others Out of Millions

SEC

he Securities and Exchange Commission today announced charges against a San Antonio-area businessman and his company for running a multimillion-dollar fraudulent scheme that victimized scores of investors, many of them retired San Antonio police officers and other first responders.

The SEC’s complaint alleges that Victor Lee Farias and his company, Integrity Aviation & Leasing (IAL), raised $14 million from investors, promising that they would use the funds to purchase engines and other aircraft parts for leasing to major airlines. read more »