Melbourne, Australia-based biotech Phosphagenics, which manufactures anti-aging and body-sculpting products, has accused its former Chief Executive, Esra Ogru, and another former employee of stealing $5.7 million from the company during an eight-year period by misappropriation of funds with false invoices. Ogru was reportedly suspended July 1, 2013, after the company noticed irregularities in its invoicing and accounting records, and she resigned on July 18. According to a Phosphagenics news release, the company alleges that Ogru “is implicated in and has benefited from the misappropriated funds.”

Phosphagenics reported that it has taken steps to preserve and secure the assets of those who are allegedly involved and is confident that it will “receive substantial restitution and compensation from the various parties responsible for the misappropriations,” said Executive Director Harry Rosen. He also noted that the company’s clinical programs, product development and marketing have not been affected by the internal problems. See Phosphagenics News Release, July 1 and July 24, 2013; au.gwn7.yahoo.com, July 24, 2013.