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Biotech executive gets 2 years in prison for embezzlement

March 28, 2019

NEW HAVEN, Conn. (AP) — A former executive at a Connecticut biotech company has been sent to prison for two years for embezzling about $1 million from the business.

Federal prosecutors say 49-year-old Thomas Malone was also sentenced Wednesday to three years of probation and ordered to pay restitution.

Authorities say the New Haven man was the chief financial officer of Artificial Cell Technologies Inc., a biotech company developing better ways to deliver malaria and respiratory virus vaccines.

Prosecutors say Malone paid himself approximately $660,000 in annual salary, far above the roughly $281,000 to which he was entitled. He also wrote checks to himself disguised as bonuses, and used a company credit card for personal purchases. The money was embezzled from 2012 and 2016.

He pleaded guilty theft from a program involving federal funds.

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