Phillip Frost, a Miami billionaire, who was accused of being involved in the Riot Blockchain scam has now declared that he will be settling the lawsuit with a penalty of $5.5 million.

Frost was charged for being a part of a group which created fraudulent schemes. They generated approximately $27 million by selling unlawful stocks thereby impacting retail investors. Therefore, Frost and his company, OPKO Health, Inc., have stated their willingness to bear the penalty for resolving the case with the Securities and Exchange Commission.

Besides, Frost paying the penalty, OPKO will also pay $100,000 as a forfeit. He has also been barred from trading in penny stocks, yet he will continue serving as the CEO and chairman of OPKO. However, both OPKO and Frost have neither admitted nor denied the charges pressed against them.