Nutra Pharma Corp’s CEO settlement tops $79,000


Following information of a settlement between Nutra Pharma Corp defendants and the SEC in April, particulars of two settlements have now been made public.

As a part of a last judgment in favor of the SEC;

  • Erik “Rik” Deitsch, former CEO of Nutra Pharma Corp, was ordered to pay $44,046 in disgorgement, $5013 in prejudgment curiosity and a $30,000 civil penalty
  • Sean McManus, a Nutra Pharma Corp advisor, was ordered to pay $5,500 in disgorgement, $625 in prejudgment curiosity and a $5500 civil penalty

Deitsch and McManus are each “completely enjoined” from committing additional violations of the Securities and Change Act. Deitsch is moreover banned from being an Officer or Director of an organization for 3 years.

On Could sixteenth the courtroom ordered the events to file a “additional standing replace”. As per a Could fifteenth Standing Report from the SEC, this pertains to proceedings towards Nutra Pharma Corp.

Because the events’ final joint standing replace on April 15, 2024, the SEC has submitted, and the Courtroom has entered, last judgments which have resolved all points as to Nutra Pharma’s co-defendants.

Thus far, the SEC has not obtained further data that Nutra Pharma indicated it will present to facilitate a possible settlement of the remaining points as to Nutra Pharma.

MyNyloxin was an MLM firm that marketed Nutra Pharma Company’s Nyloxin pain-relief product.

Supposedly, Nyloxin’s energetic ingredient was cobra venom.

MyNyloxin collapsed in January 2015. A reboot firm Lumaxa was launched however didn’t final lengthy.

In late 2018 the SEC filed a lawsuit towards Nutra Pharma Company, alleging securities fraud and share value manipulation.