The SEC ruled against former Wound Management Technologies (OTC:WNDM) CEO Scott Haire on kickback allegations dating back to 2009.
The federal watchdog agency accused Haire of running a kickbacks scheme to induce investors into buying shares of the Fort Worth-based medical device company.
Haire was found guilty of compensating investors, managers and trustees in return for buying stock in the company. Wound Management, which has denied knowledge of Haire’s scheme in the past, will also pay a civil penalty of $20,000, according to the SEC.
An undercover FBI sting busted Haire in 2009. He resigned as CEO in March 2012 and stepped down from the board in May 2012 and was formally charged by the SEC in June of that year. The SEC also alleges that Haire timed press releases to coincide with the fraudulent stock buys, aiming to make it appear that the trading activity was generated by positive news.
