Muscle Pharm Corporation (MSLPQ)

[Madcowelixir]

Peony, I am not a premium member so do not have access to PM. My allegations regarding Ryan Drexler committing PPP fraud is based on the following facts:

From the Treasury Department:

The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.

How did Ryan use the funds?

Upon the receipt of ~$900k in PPP funds, Ryan hired his lifelong friend Michael Heller, and appointed him to the MSLP Board of Directors and also chairperson of the compensation committee whose first and only "action" that I can tell was to give Ryan an additional $900,000 raise to $1.6m in 2021 despite greater than -80% decline in MSLP revenues since Ryan was appointed CEO.

What a coincidence that the $900k in PPP funds went directly to Ryan Drexler for personal use. That is fraud and not allowed under the Treasury Department terms of PPP. "Maintain Payroll" does not allow 100% of the PPP funds to be allocated the CEO as a "raise".

Here is the fact sheet from the Treasury Department:

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

Payroll costs are capped at $100,000 on an annualized basis for each employee.

That is a cap, not a net raise. The most an employee can be compensated is $100k a year if PPP funds are allocated.

This is Ryan and Heller together (/s) at Studio 54 back in the 70s.



Here is another photo of co conspirators Drexler and Heller (/s) when they auditioned for an "extra" role on Entourage