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Monday, January 17, 2022 11:20:21 AM
However, the SEC wrote in its conclusion to the case that Pelosi Jr. did not play a ‘meaningful role’ in one of the key transactions for the Natural Blue scheme, he ‘strenuously object[ed]’ to proposed fundraising contracts, was ousted from the board by the accused fraudsters, and ultimately appeared as a witness for the prosecution.
In 2014 Pelosi Jr. moved on to two new roles. The first was as Independent Director of Los Angeles-based drug company Targeted Medical Pharma, which, a year after Pelosi Jr. left the firm, was accused by the Food and Drug Administration (FDA) of testing drugs on people without authorization.
Pelosi Jr. quit the company seven months after joining according to SEC filings, and left the FOGFuels position off his LinkedIn resume completely.
After receiving a warning letter, the company told the FDA it ‘complied with all the applicable FDA regulations’, and had not broken any rules because it was not marketing its product, Theramine, as a drug in the US but rather as a ‘medical food’.
Targeted Medical Pharma told DailyMail.com the investigation was ‘a clerical issue on behalf of the FDA’.
The FDA did not take any further action against the company.
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