Law & Justice

West Orange Resident Pleads Guilty to Violating Securities Laws


NEWARK, N.J. – On Thursday, Michael C. Cohen, 49, of West Orange, who is the president and CEO of Proteonomix Inc., a biotechnology company in Paramus, pleaded guilty before U.S. District Judge Madeline Cox Arleo in Newark federal court to an information charging him with one count of certifying false statements with the SEC. U.S. Attorney Paul J. Fishman has announced that Cohen admitted misleading the U.S. Securities and Exchange Commission (SEC) about his business dealings with his father-in-law.

The false statements count to which Cohen pleaded guilty carries a maximum potential penalty of 10 years in prison and a $1 million fine.

Sentencing is scheduled for May 27, 2015. On Thursday, the SEC filed a civil complaint against Cohen.

Sign Up for E-News

According to documents filed in this case and statements made in court, Proteonomix performed stem cell research and developed cosmeceutical products.

Cohen’s father-in-law was the president of Nancyco of NY Inc., Joe & Sam of New York Inc., Mollyco of NY Inc., and JSMNM Inc. (collectively, the “FIL Companies”) that purportedly performed work for Proteonomix in exchange for Proteonomix shares.

As the president, CEO, and chief financial officer for Proteonomix, Cohen was required to accurately disclose the company’s financial information to the investing public. SEC regulations require disclosure of “related-party transactions” involving immediate family members with a direct or indirect material interest.

Cohen admitted he exercised control over the FIL Companies’ bank and brokerage accounts and failed to disclose they were related parties under SEC regulations. In a September 2012 filing with the SEC, Proteonomix and Cohen knowingly failed to disclose that an agreement between Proteonomix and Mollyco, in which $2 million in debt was converted into shares of Proteonomix stock, was a related-party transaction.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Richard M. Frankel in Newark, and the SEC Division of Enforcement’s Market Abuse Unit, under the direction of Daniel M. Hawke, with the investigation leading to the guilty plea. Defense counsel is Jacob Frenkel Esq., Baltimore, Maryland.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

West Orange

$100 OFF per Week for Summer Camp Now!

July 12, 2018

Guerrero Marital Arts is now offering an 8-week summer camp for summer 2018!

Pick which weeks you want!

Camp Weeks are:

July 16, July 23, July 30, August 6, August 13, August 20, August 27

Includes the following:

Fun (through Sports, Play and Games)
Field Trips (may cost extra)
Life Lessons
Reading Time
Martial Arts
A great place to ...

Bucco Couture Summer Sale on All Custom Suits, Shirts and Casual Wear

NUTLEY, NJ — Save while looking sharp! 20% off all summer wear an extra 10% savings for Military, Veterans and all first responders at Bucco Couture, 187 Franklin Avenue in Nutley, with the launch of some new products such as our tracksuit line, crushed cotton drawstring pants and jeans. 

We also carry Bugatchi and Rober Graham casual wear as well as stretch high V-neck ...

Newark Lures Amazon With $1 Billion Payroll Tax Incentive

July 14, 2018

NEWARK, NJ - Amazon will get a payroll tax break at a cost of $1 billion to the city should the company open its second headquarters in Newark, according to one of two ordinances approved by the Newark City Council council to sweeten the deal for the corporate giant and stand out among other locations vying for Amazon’s so-called HQ2.

“The City Council has brought Newark a ...

Upcoming Events

Wed, August 15, 10:00 AM

Cancer Center Resource Room, Belleville

Living Well with Parkinson’s Disease Support ...

Health & Wellness


Sat, August 25, 2:00 PM

Oskar Schindler Performing Arts Center (OSPAC), West Orange


Arts & Entertainment Giving Back

West Orange PAL Spring Travel Baseball Teams Wrap Up (Championship Team Photos Included)

The West Orange PAL Spring Travel Baseball season started with a cold front. Practices began indoors in January with teams practicing two nights a week working on conditioning and baseball fundamentals. Once the snow had melted teams began battling the cold and working outdoors, with three or four practices a week in addition to their games. 

And the hard work and dedication paid off! All ...

Public Invited to Essex County Opioid Use Prevention Task Force Meeting

July 15, 2018

CALDWELL, NJ — All Essex County residents, mayors and councils, law enforcement members, school officials, clergy members, civic organizations and more are invited to join in the next Essex County Opioid Use Prevention Task Force meeting on Tuesday at 5:30 p.m. to discuss how the Essex County communities can join work together to eradicate this epidemic.

The meeting will be held at the ...

Would Shedding

How much wood wouldn’t a woodchuck chuck if a woodchuck could chuck woodn’t?


Enough already.  


I get it.  It is an easy mistake to make, misusing would and wouldn’t.  It happens to me all the time.


“Honey, when I said I didn’t see any reason why I would go to the ballet, I meant to say I couldn’t see ...