Billionaire Phillip Frost charged in $27 million fraud plot

Miami billionaire Phillip Frost is one of 10 people the Securities and Exchange Commission charged on Friday, accused of participating in a fraud plot that generated more than $27 million in what the SEC is calling a series of "classic pump-and-dump schemes."

The SEC alleges that from 2013 to 2018, Frost — who founded pharmaceutical company OPKO Health and is a primary benefactor of the Phillip and Patricia Frost Museum of Science in Miami — and nine other investors manipulated three companies' stock share prices for their own gain. The SEC did not share the names of the three companies.

The investors would promote the companies without disclosing that they owned a stake, wait for their stock prices to rise and then sell their shares. Retail investors, meanwhile, "were left holding virtually worthless stock," according to the SEC statement.

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