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- Pending Government Action:Government Action: BBB reports on known government actions involving business’ marketplace conduct:The Securities and Exchange Commission (SEC) v. Nutra Pharma Corp. et al. 1:18-cv-05459 E.D. NY.
As of September 28, 2018, Litigation Release No. 24295 No. 1:18-cv-05459, The Securities and Exchange Commission (SEC) v. Nutra Pharma Corp. et al.
The SEC charged charged a Florida-based microcap issuer, its CEO, and one of its consultants with making material misstatements to retail investors, among other charges.
In addition, McManus allegedly acted as an unregistered broker, despite being permanently barred in 2001 by the NASD (now FINRA) from associating with NASD member firms.
According to the SEC's complaint, Nutra Pharma Corp., a microcap issuer that purports to make pain relief drugs with cobra venom, and its CEO, Rik Deitsch, issued or posted six press releases that materially misled investors. The releases allegedly implied, among other things, that Nutra Pharma was engaged in international distribution and sales of its product, when it was not, and that Nutra Pharma had upgraded its cobra farm facilities, when Nutra Pharma had no cobras, had no cobra farm, and had never produced cobra venom. Nutra Pharma publicized many of these press releases while Nutra Pharma and Deitsch engaged in an unregistered distribution of its securities to retail investors. In addition, on multiple occasions, Deitsch allegedly engaged in manipulative trading designed to "walk up" Nutra Pharma's stock price and create the appearance of active trading in Nutra Pharma. Further, Nutra Pharma and Deitsch allegedly failed to make numerous required filings, including filings about the company's sales of unregistered securities and filings about Deitsch's beneficial ownership of the company's securities.
According to the SEC's complaint, Sean McManus, a consultant for Nutra Pharma, also made numerous misstatements while soliciting investors in Nutra Pharma. In addition, McManus allegedly acted as an unregistered broker, despite being permanently barred in 2001 by the NASD (now FINRA) from associating with NASD member firms.
The SEC seeks a permanent injunction, disgorgement, and civil penalties against all defendants, a penny stock bar against Deitsch and McManus, and an officer and director bar against Deitsch.
For further information please contact
SEC Headquarters
100 F Street, NE
Washington, DC 20549
Investor Information and Complaints (800) SEC-0330 or (202) 551-6551
www.sec.gov
LINK:
https://www.sec.gov/litigation/litreleases/2018/lr24295.htm
Business Details
- BBB File Opened:
- 9/25/2015
- Business Started:
- 2/26/2004
- Business Incorporated:
- 2/26/2004
- Type of Entity:
- Corporation
- Business Management:
- Mr. Erik Deitsch, President/CEO
- Mr. Sean Peter McManus
- Mr. Garry R. Pottruck, CPA, Director
- Mr. Harold H. Rumph, Director
- Dr. Stewart Lonky, MD, Director
- Mr. Dale Vander Putten, PhD
Additional Contact Information
- Principal Contacts
- Mr. Erik Deitsch, President/CEO
- Customer Contacts
- Mr. Rik Deitsch, President
- Mr. Erik Deitsch, President/CEO
- Mr. Sean Peter McManus
- Mr. Garry R. Pottruck, CPA, Director
- Mr. Harold H. Rumph, Director
- Dr. Stewart Lonky, MD, Director
- Mr. Dale Vander Putten, PhD
- Fax numbers
- Primary Fax: (877) 895-5647
- Additional Phone Numbers
- Other Phone: (888) 674-1314
- Additional Email Addresses
- Complaint:
- Sales:
Additional Information
- Referral Assistance
- Florida Department of Health
Tallahassee FL 32399
Phone Number: (850) 488-0595 - Business Categories
- Diet Products
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