SEC v. Nutra Pharma Corp.

Nutra Pharma Corp. and Erik Deitsch allegedly issued or posted a series of press releases that materially misled investors. The releases allegedly implied Nutra Pharma Corp. had engaged a company to distribute its product internationally, when it had not, and that Nutra Pharma Corp. had expanded and upgraded its cobra farm facilities, when it did not own those facilities or the cobras and there were no expansions or upgrades at that time. While publicizing many of these press releases, Nutra Pharma Corp. and Deitsch allegedly engaged in an unregistered distribution of its securities to retail investors. In addition, on multiple occasions, Deitsch allegedly engaged in manipulative trading to stabilize or raise Nutra Pharma’s stock price and create the appearance of active trading. Further, Nutra Pharma Corp. and Deitsch allegedly failed to make numerous required filings. Sean McManus allegedly made misrepresentations to investors while acting as an unregistered broker, according to the SEC's complaint.

Summary generated from official Securities and Exchange Commission press release