Chris Stern was dismissed from his position as chairman and chief executive of Oxygen Biotherapeutics for allegedly lying on his résumé and engaging in unreported securities deals, The Wall Street Journal reports. Stern received his doctorate from Trinity College & University, which is an unaccredited institution, and not from Trinity University as he had claimed and, further, he teaches at St. Galler Business School, not St. Gallen Business School, adds Ed Silverman at Pharmalot. "In both instances, Mr. Stern's biographical statements inaccurately conveyed an association with more well-known and more highly-reputed institutions," the audit committee says in a filing with the US Securities and Exchange Commission. The Journal adds that in 2008, Stern allegedly used his position to get one of Oxygen's service providers, Fiona International, "to disguise payments that were in effect commissions on securities sales, a transaction the company had disallowed. Mr. Stern failed to disclose the related-party transaction that gave him warrants to buy 66,667 shares of Oxygen's common stock, which were valued about $489,000 at the time, according to the committee." Oxygen dismissed Stern without severance last month, and CFO Michael Jebsen was named the interim CEO, says MedCity News.
Just a Few Tweaks
Sep 28, 2011