Subsequent to the announcement of a compromise between Nutra Pharma Corp officials and the SEC in the spring month of April, the specifics of a pair of agreements have been disclosed.
In accordance with a conclusive judgment rendered in the SEC’s favor;
- Erik “Rik” Deitsch, Nutra Pharma Corp’s erstwhile CEO, has been mandated to disburse $44,046 in disgorgement, an additional $5013 in prejudgment interest, alongside a $30,000 punitive fine
- Consultant Sean McManus, affiliated with Nutra Pharma Corp, was decreed to part with $5,500 in disgorgement, $625 in prejudgment interest, and a punitive fine of $5500
Both Deitsch and McManus are “permanently restrained” from executing successive offenses of the Securities and Exchange Act. Notably, Deitsch faces a three-year prohibition from serving as an Officer or Director of any corporation.
The judicial authorities instructed the concerned parties on May 16th to present a “further status update.” According to a Status Report dated May 15th from the SEC, this is in relation to the ongoing actions against Nutra Pharma Corp itself.
Since the prior joint status update on April 15, 2024, the SEC has put forward, and the Court has sanctioned, definitive rulings that have settled all controversies regarding Nutra Pharma’s co-defendants.
Hitherto, the additional details Nutra Pharma pledged to present to expedite a feasible compromise on the outstanding issues concerning the company have not been furnished to the SEC.
MyNyloxin was a multi-level marketing firm that distributed Nutra Pharma Corporation’s analgesic offering, Nyloxin.
Rumored to contain cobra venom as a key component, Nyloxin was the central product.
The MyNyloxin venture collapsed at the outset of 2015. Subsequently, Lumaxa emerged as a successor but similarly fizzled out.
Towards the end of 2018, an accusation of securities fraud and stock manipulation was leveraged against Nutra Pharma Corporation by the SEC.