I-Glow
3 days ago
Now that is funny -
Did you miss this part?
"Pursuant to our settlement with the SEC, I have tendered my resignation as Chairman and CEO of Nutra Pharma Corp effective March 19th,” stated Rik J Deitsch. “The Company’s former CEO, Dr. Michael Flax, will resume this position effective immediately and also serve as Nutra Pharma’s Chairman and CFO,” he continued."
So the SEC forced Deitsch out as CEO and Chairman - yeah a real nothing burger.
"Permanently enjoin Defendant Deitsch from committing violations of the federal securities laws that the SEC has alleged in this case, including violations of Sections 5(a), 5(c), and 17(a) of the Securities Act, Sections 9(a)(2), 10(b), 13(a), 13(d), and 16(d) of the Securities Exchange Act, and Rules 10b-5, 13a-14, 13d-2, and 16a-3 thereunder; impose a three-year officer-and-director bar on Deitsch, pursuant to 15 U.S.C. §§ 77t(e) and 78u(d)(2); and impose a three-year penny-stock bar on Deitsch, pursuant to 15 U.S.C. § 78u(d)(6)"
From the 8-K:
"Resignation of Rik J. Deitsch as our Chief Executive Officer, Director, Chairman of the Board, and Chief Financial Officer
As a result of the Company’s and Mr. Deitsch’s respective settlements with the Securities and Exchange Commission (the “SEC” or “Commission”) as further discussed below under Item 8.01, on March 19, 2024, Mr. Deitsch submitted a letter of resignation to our Board of Directors and thereby resigned as Chief Executive Officer, Director, Chairman of the Board, and Chief Financial Officer of Nutra Pharma Corp., effective immediately. Following his resignation as an officer and director of the Company, Mr. Deitsch will continue to work for the Company in a new role as the Company’s Operations Manager. Mr. Deitsch was appointed as the Company’s Operations Manager by our Board of Directors effective March 19, 2024."
"Rik J. Deitsch has stepped down from his roles as CEO, Director, Chairman of the Board, and CFO following settlements with the SEC, which arose from allegations of federal securities law violations by Nutra Pharma Corp., Deitsch, and Sean McManus. The settlements, approved by the U.S. District Court, involve partial consent judgments that resolve liability issues but leave open questions about financial penalties and the specifics of a penny stock bar against McManus. Deitsch faces a three-year bar from officer and director roles and penny-stock offerings, while McManus is permanently enjoined from violating federal securities laws."
IG
RANGOLEGEND
5 days ago
Now that we know most of the details of the settlement, it turns out Rik was correct the whole time.
He said the lawsuit was a nothing burger, and the outcome is he promises not to do what he is not admitting he did, and they are not convicting him for.
Although, I believe myself to be the smallest offender, I want to apologize to Rik for all the things I said, and I sure hope the bigger offenders have the decency to do so as well.
I said the things I said out of anger and frustration, but I believe the others did it out of maliciousness.
His strategy of waiting it out till the end worked and all the doom and gloom we were promised never materialized
The SEC was putting tremendous pressure on him over the last five years in hopes he would panic and give them a sizable bite, his steady nerves gave them nothing and we are the better for it.
Thank you Rik!