Phillip Frost has stepped down as chairman of Miami-based financial group Ladenburg Thalmann, a role he has held since 2006, the firm announced late Thursday.
Earlier this month, Frost was named in a securities fraud complaint brought by the SEC. Frost has denied the allegations.
“I have decided to retire from the Ladenburg Board and will concentrate my efforts on OPKO Health and my philanthropic interests,” Frost said in a statement.
“As a long-term shareholder, I am confident in Ladenburg’s outlook and look forward to its continued growth and success.”
Ladenburg’s board announced CEO Richard Lampen as its new chairman.
“We thank Phil for his service to Ladenburg and its shareholders over the past 14 years,” Lampen said in a statement. “Ladenburg would not be where it is today without his many contributions, and his presence in the boardroom will be sorely missed.”
Frost, a ubiquitous presence on Miami’s charity circuit and the namesake of the city’s premier science museum, was accused by the SEC of participating in a years-long “pump- and-dump” scheme that involved manipulating the share price of pharmaceutical and health-related stocks.
Frost remains CEO of OPKO Health, the pharmaceutical company he joined in 2007. OPKO was also named in the SEC’s complaint.