PORTLAND, Ore. (KOIN) — The CEO of the Vancouver-based biotech company CytoDyn has been sentenced to federal prison after he defrauded investors to inflate stock prices.
Lake Oswego resident Nader Pourhassan, who is now 62 years old, was sentenced to 2.5 years in prison on Friday after a federal jury found him guilty of four counts of securities fraud, two counts of wire fraud, and three counts of insider trading.
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“The defendant lied to investors about a drug to treat HIV and COVID-19 so he could engage in insider trading,” said Assistant Attorney General Andrew Tysen Duva, who works in the Justice Department’s criminal division. “This type of fraud exploits vulnerable Americans, undermines the integrity of our financial markets, and erodes the trust that investors place in public companies.”
Pourhassan worked with Maryland resident Kazem Kazemour, CEO of Amarex Clinical Research. Kazemour’s company managed CytoDyn’s clinical trials and was CytoDyn’s regulatory agent in interactions with the Food and Drug Administration, as KOIN 6 News previously reported…