Biotech company's CEO pleads guilty in Mississippi welfare fraud case

The chief executive officer of a biotech company with ties to the largest public corruption case in Mississippi history has pleaded guilty to one count of wire fraud for improperly using welfare funds intended to develop a concussion drug. Court records show Jacob VanLandingham entered the plea Wednesday in federal court, though a sentencing date was not immediately set. A lawsuit filed by the state Department of Human Services contends $2.1 million of welfare money paid for stock in VanLandingham’s two Florida-based companies. The money was purportedly for development of concussion treatment. But prosecutors say VanLandingham misused the money for his personal benefit.