The chairman of a Boston-based biomedical company was arrested Monday on charges stemming from his alleged participation in a scheme to defraud the market for the publicly traded stock of the company.

Edward Withrow III, of Malibu, California, was charged in Boston with one count of conspiracy, one count of securities fraud, two counts of wire fraud and two counts of making false statements. Withrow’s co-conspirator, Marco Babini, who is believed to reside in Vancouver, Canada, was charged with one count of conspiracy, one count of securities fraud and two counts of wire fraud. Babini remains at large.

The Securities and Exchange Commission (SEC) announced securities fraud charges against Withrow, Babini and a third individual, Samuel Brown, in connection with the scheme. In addition, the SEC charged Withrow with failing to disclose his stock holdings.

Withrow became the chairman of Endeavor Power Corp., a Boston-based biomedical company focused on infectious diseases, in November 2012, and became a significant stock owner, according to the indictment. Withrow, Babini and at least one other individual allegedly led a promotional campaign involving manipulative trading designed to draw investor interest in Endeavor’s publicly traded stock.

In March 2013, the SEC suspended trading for Endeavor, stopping the scheme in progress. Withrow allegedly lied about his and others’ involvement in the scheme when he was later questioned by SEC attorneys.

Withrow could face up to 25 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss. The charge of wire fraud provides a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss. The charge of making false statements provides a sentence of up to five years in prison, three years of supervised release and a fine of $250,000 or twice the gross gain or loss.