Biotech Firm Cofounders Convicted of Wire Fraud

JHL Biotech’s founders were convicted of conspiracy to commit trade secret theft and wire fraud on Thursday after pleading guilty in federal court.

Racho Jordanov and Rose Lin, the co-founders of JHL Biotech, entered plea agreements to a California District Court admitting to using confidential information they took from Genentech between 2011 and 2019 in order defraud investors out of $100 million.

Jordanov, 73, of Rancho Santa Fe and Lin aka Rose Sweihorn Tong, 72 from South San Francisco admitted to paying a Genentech employee for confidential information. Xanthe Lam pleaded guilty in July 2017 for stealing confidentiality information that was then given to JHL Biotech by the employees who she had been paid off by.