Billionaire Phillip Frost, the CEO of Opko Health and one of Miami’s most well-known entrepreneurs, is among 10 people named in a civil penny-stock fraud lawsuit by the Securities and Exchange Commission.
A Miami Beach resident, Frost has a net worth of $2.6 billion, according to Forbes. News of these civil charges could rock South Florida’s business world. Miami-based Opko (Nasdaq: OPK) was also named in the SEC complaint.
Officials with Opko and Frost’s office declined comment.