Former janitor accused in $340,000 stock scam
December 22, 2010
CLEVELAND — A former custodian with stem cell developer Athersys has been accused by federal prosecutors of running a stock scam that bilked would-be investors out of $340,000 over six years, according to MedCity News.
Ronald Olear, 57, in some cases stole stock certificates to aid in his scheme, which involved selling bogus shares of stock to about 30 investors, the article stated.
The plot ran from 2003 to 2009, the year in which Olear was fired from his Athersys job, the article noted.
According to the article, Olear allegedly used the proceeds to help build a $600,000 house.
Athersys fired Olear shortly after learning of the allegations and said the ex-custodian''s actions have had no impact on the company or its operations, the article added.
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