Dr. Phillip Frost, the biotech billionaire accused of playing a role in a pump-and-dump scam, has taken an interesting tack since the allegations came to light: If only the Securities and Exchange Commission had asked him ahead of time, this whole business could have been avoided.

But, according to the SEC’s rules, the commission was well within its rights to blindside the 81-year-old entrepreneur. And things could still get worse for Frost, who has denied the allegations, and for OPKO (OPK), the company he founded.

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