ROCHESTER, N.Y. – The CEO of a Rochester company has been sentenced to three years of probation for misusing federal grant money.
Arkady Malakhov, CEO of Solid Cell Inc., a business in Rochester, submitted a proposal to the National Science Foundation for a small business research grant for a project. The foundation awarded Malakhov $225,000 to support the project.
The assistant U.S. attorney’s office says Malakhov misused that money for his own use and also gave a portion of the funds to other people unrelated to the project.
Malakhov was also ordered to pay $200,000 back to the foundation.
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