Friday, March 18, 2022

Trade secret theft results in 12 month sentence

Via Endpoints News, this update on the JHL case
The founders of the biosimilar developer who pleaded guilty to stealing trade secrets from Genentech will be imprisoned for a year and one day.

Racho Jordanov and Rose Lin were the CEO and COO of JHL Biotech, respectively, when they hired former or current Genentech employees and got confidential information from them to speed up the development of biosimilars to Genentech’s blockbuster cancer drugs. That worked well for them: According to the plea agreements, the scheme helped JHL appeal to investors, ultimately defrauding them of $101 million.

Both have been sentenced to a prison term of 12 months and one day, to be followed by 36 months of supervised release — including nine months in home confinement for Jordanov.

Their sentencing caps a saga that dates back to 2011. From before JHL was officially founded in 2012 until 2019, Jordanov brought multiple ex-Genentech staffers to his Taiwanese startup, court documents show.

It would be interesting to know how often folks who do this get time in the federal pen. I presume that this is the Department of Justice trying to make a point, but we'll see what kind of commentary results from this sentencing.  

No comments:

Post a Comment

looks like Blogger doesn't work with anonymous comments from Chrome browsers at the moment - works in Microsoft Edge, or from Chrome with a Blogger account - sorry! CJ 3/21/20