Six years after the SEC’s case against Barry Honig, newly released court transcripts are reshaping the story. What once appeared to be a clear example of investor misconduct now shows that David Hansen, a key SEC cooperator and former MabVax Therapeutics CEO, may have misled regulators about Honig’s role.

Hansen had received more than $40 million in financing from Honig and others to keep MabVax afloat. When the company faltered, he accused Honig of exerting control and manipulating MabVax’s stock. His claims became central to the SEC’s allegations, which fuelled negative media coverage.

A pivotal moment occurred when Hansen revealed that Honig had instructed John O’Rourke to publish a deceptive article about MabVax in 2015. Hansen claimed the article contained false statements. But during cross-examination, those same statements were traced back to a presentation Hansen himself had created and delivered at the Roth Capital Conference just weeks earlier. The supposed “false” information originated from Hansen, not Honig.

This revelation undermined Hansen’s credibility and raised questions about the SEC’s reliance on his testimony. His shifting story suggested an effort to deflect responsibility for MabVax’s collapse by blaming Honig. The evidence now indicates that much of the case against Honig rested on inaccuracies and self-serving testimony.

For Honig, who has long maintained his innocence, these disclosures are more than vindication — they expose how flawed cooperation and sensational reporting can distort reality. Now, unreliable witnesses and unsupported claims have weakened what began as a sweeping enforcement narrative. Six years later, the truth finally restores balance to Barry Honig’s story and raises more profound questions about the SEC’s handling of high-profile cases built on shaky ground.