Ex-Biopure VP gets 3 years for faking cancer
Former Biopure executive sentenced to 3 years for faking cancer to avoid SEC complaint
- On 5:02 pm EDT, Tuesday October 6, 2009
BOSTON (AP) -- A former executive of Biopure Corp. has been sentenced to three years in prison for pretending he had terminal cancer to dodge a federal lawsuit filed by securities regulators.
Howard Richman, a former vice president at the Cambridge-based biotech company, pleaded guilty to an obstruction of justice charge in March. He was sentenced Monday in U.S. District Court.
The 57-year-old Richman, of Pearland, Texas, admitted he had instructed his lawyers to tell a judge he was gravely ill with colon cancer.
Prosecutors said Richman fabricated the story in an attempt to wriggle out of a lawsuit filed by the Securities and Exchange Commission and to avoid paying a large civil fine.
The SEC complaint accused Biopure, Richman and three other executives of misleading investors about the prospects of winning approval for a synthetic blood product.
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