- Associated Press - Wednesday, February 17, 2016

SACRAMENTO, Calif. (AP) - A former executive of a California biotech company faces federal conspiracy and fraud charges alleging that his actions misled investors.

An indictment unsealed Wednesday alleges that 47-year-old Hector Absi caused publicly traded Marrone Bio Innovations Inc. to falsely report that its revenue doubled from 2012 to 2013.

The Davis-based company develops and sells environmentally friendly pesticides.

Federal prosecutors say Absi hid unorthodox sales agreements and conspired with others to backdate deliveries to boost reported revenues. He received a performance-based bonus and exercised stock options based on the inflated figures.

The Securities and Exchange Commission filed a separate civil complaint against him.

FBI agents arrested Absi at his Las Vegas home Wednesday.

Absi resigned as the company’s chief operating officer two years ago. He has not listed a defense attorney.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide