SurgiLight Founder Charged With Stock Fraud

ORLANDO, Fla., April 12 -- SurgiLight Inc., a developer of ophthalmic laser systems, said that J.T. Lin, the company's founder and a former director and officer, has been charged with securities fraud and related charges for trading in company stock. The alleged conduct occurred more than two years ago, when Lin and his associates exercised effective control of the company. Also today, the Securities and Exchange Commission filed a civil suit alleging the same conduct. Lin, his wife, another individual and the company were named in that suit, which seeks the disgorgement of the profits allegedly made by Lin, interest and penalties, and an injunction prohibiting similar conduct in the future.

The company said it has placed Lin on a leave of absence. In July, 2001 Lin resigned as an officer and signed a trust agreement with the current board in which he relinquished voting control to the board.