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Former CFO Of Area Biotech Company Admits Embezzling $1 Million Former CFO Of Area Biotech Company Admits Embezzling $1 Million
Former CFO Of Area Biotech Company Admits Embezzling $1 Million The former CFO of a Connecticut biotech company has admitted to embezzling more than a million dollars from his employer, which receives federal research grants. New Haven resident Thomas Malone, who was the CFO of Artificial Cell Technologies Inc. (ACT), has pleaded guilty to four counts of theft from a program involving federal funds. He has also agreed to pay $1,031,508.07 in restitution. Artificial Cell Technologies is a small biotech company that is currently working on developing better ways to deliver malaria and Respiratory Syncytial Virus vaccines to those in need. In addition to …

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by Zak Failla