A small drug maker settled charges by the U.S. Securities and Exchange Commission of accounting and disclosure violations, including a failure to report millions of dollars in perks that were actually compensation to its former chief executive officer and chief financial officer. As a result, Provectus Biopharmaceuticals (PVCT) shareholders did not have a complete or accurate financial picture of the company.

The agency alleged that former Provectus chief executive Craig Dees treated the company like his “personal piggy bank,” using roughly $3.2 million he received from 2011 to early 2016 to pay for business travel that he never took. Instead, the money was used to pay for breast enhancement surgery for female friends ($13,000, to be exact), large tips at Hooter’s restaurants, and personal travel. The SEC filed charges against Dees in federal court in Knoxville, Tenn.

Unlock this article by subscribing to STAT Plus. Try it FREE for 30 days!

GET STARTED

What is it?

STAT Plus is a premium subscription that delivers daily market-moving biopharma coverage and in-depth science reporting from a team with decades of industry experience.

What's included?

  • Authoritative biopharma coverage and analysis, interviews with industry pioneers, policy analysis, and first looks at cutting edge laboratories and early stage research
  • Subscriber-only networking events and panel discussions across the country
  • Monthly subscriber-only live chats with our reporters and experts in the field
  • Discounted tickets to industry events and early-bird access to industry reports

Leave a Comment

Please enter your name.
Please enter a comment.

Sign up for our Daily Recap newsletter

A roundup of STAT’s top stories of the day in science and medicine

Privacy Policy