The SEC has secured a $680,235.05 ultimate judgment towards Nutra Pharma.
Nutra Pharma’s ultimate judgment is made up of:
- $520,940 in disgorgement;
- $59,295.05 in prejudgment curiosity; and
- $100,000 in civil penalties
MyNyloxin was an MLM firm that marketed Nutra Pharma Company’s Nyloxin pain-relief product.
Supposedly, Nyloxin’s lively 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 worth manipulation.
Along with Nutra Pharma, the SEC additionally sued CEO Erik Deitsch and guide Sean McManus.
Again in Might 2024;
- 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 guide, was ordered to pay $5,500 in disgorgement, $625 in prejudgment curiosity and a $5500 civil penalty
In 2019 the FDA issued Nutra Pharma and Deitsch with a warning letter. Amongst different issues, Nutra Pharma was advertising and marketing MyNyloxin as a therapy for drug dependancy, persistent arthritis, Parkinson’s illness and most cancers.
The claims had been unsubstantiated and noticed the FDA classify MyNyloxin’s product vary as “unapproved new medication”.
As we speak Erik Deitsch is CSO of Avini Well being.
As reviewed by BehindMLM in Might 2024, Avini Well being is an MLM autoship recruitment scheme that pitches “advances in pure therapeutic”.