Quanta Inc (fka QNTA)

[Dragon Lady]

SEC CHARGES QNTA EXECS WITH FRAUD !!!

I saw that “maintenance mode” for MedolifeRx. I’m assuming ((?) hopeful anyways)) that they are working on the verbiage changes the fda is demanding, and working toward putting it back online

For reference sake - In the meantime I checked and The Aelia page is still accessible online https://aeliastore.com/
And muscle rub still found on Amazon too

I tried to tell uh...ummm..... "Grant" that I was "working this case" and that "THE SEC" was gonna bust the Mooooochelian crime clan and bust um hard LMAO - some kids never listen :)))

https://www.sec.gov/litigation/litreleases/lr-25726

QUOTE:


LITIGATION RELEASES
Quanta, Inc.
SEC Charges Microcap Company and Its Executives with Fraud
Litigation Release No. 25726 / May 15, 2023

Securities and Exchange Commission v. Quanta, Inc., et al.;, ivil Action No. 2:23-cv-03683 (C.D. Cal. filed May 15, 2023)

The Securities and Exchange Commission today announced that Quanta, Inc., a Burbank, California-based biopharmaceutical company that develops and sells a scorpion venom product called Escozine, its CEO, Arthur Mikaelian, and his son and Quanta's executive vice president in charge of operations, Grant Mikaelian, have agreed to settle fraud charges without admitting or denying the allegations in the SEC's complaint. As part of the settlement, the Mikaelians consented to officer and director bars and to pay civil penalties.

According to the SEC's complaint, in a July 23, 2021 press release, Quanta and Arthur Mikaelian misrepresented the FDA staff's response to the company's proposed clinical trial of Escozine as a Covid-19 treatment.

As the complaint alleges, the press release misrepresented that the FDA staff's response validated the clinical study conducted in the Dominican Republic and that the FDA's staff had recognized the potential therapeutic benefits of Escozine. The complaint further alleges that these, and additional false and misleading statements in the press release, gave investors the impression that the FDA's staff was positive about the proposed clinical trial and the results of its clinical trials in the Dominican Republic.

However, as alleged in the complaint, the FDA staff's response stated that the Dominican Republic clinical trial "cannot be directly leveraged to support your proposed clinical trial" and that antiviral activity "has not been demonstrated with your specific product, Escozine."

In addition, the SEC's complaint alleges that Quanta included $198,000 of improperly recognized revenue in its Form 10-Q for the first quarter of 2021, causing Quanta to overstate its total revenue by 61% in that quarter.

The SEC's complaint alleges that Quanta based its improper revenue recognition on a backdated purchase order created by Grant Mikaelian for its Escozine immunapens, which it also provided to Quanta's auditors as support for its revenues. The SEC's complaint further alleges that Arthur Mikaelian falsely represented in a management representation letter to Quanta's auditor that the quarterly financials were prepared in accordance with generally accepted accounting principles (GAAP), and he certified Quanta's first quarter Form 10-Q, which included the $198,000 in revenue.

Quanta, without admitting or denying the allegations in the SEC's complaint, consented, pre-filing, to the entry of a final judgment which permanently enjoins it from violating the antifraud, reporting, books and records, and internal controls provisions of Section 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5, 12b-20, 13a-1, and 13a-13 thereunder.


Arthur and Grant Mikaelian, without admitting or denying the allegations in the SEC's complaint, consented, pre-filing, to the entry of final judgments permanently enjoining each of them from violating Section 17(a) of the Securities Act and Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13a-14, 13b2-1, and 13b2-2 thereunder, and from aiding and abetting violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder and Rules 12b-20 and 13a-13 thereunder, respectively. In addition, Arthur and Grant Mikaelian each consented, pre-filing, to five-year officer and director bars and five-year penny stock bars, and civil penalties of $150,000 and $75,000, respectively.

The SEC's investigation was conducted by Junling Ma and Lorraine Pearson under the supervision of Victoria Levin and Rhoda Chang, with the assistance of trial counsel Donald Searles under the supervision of Gary Leung. The SEC appreciates the assistance provided by the U.S. Food and Drug Administration (FDA) and the Financial Industry Regulatory Authority.

DIRTY father creates DIRTY POS son - two DIRTY common criminal peas in a DIRTY POD....ANY questions now as to WHY THIS CRIME TICKER WAS REVOKED and ain't NEVER ever ever coming back....let alone the JOKE of their "on line" bullshit "store" blah blah LMAO WTF ?????

THEE END of the "civil" portion and now the CRIMINAL DOJ INDICTMENTS will follow......and WELCOME TO CLUB FED and SOAP ON A ROPE ole MOOCHELIAN CLAN-FAM scammers LMAO !!!





SHOUT-OUT TO DUMB ASS TONY FOR PUMPING THIS DOG SHIT SCAM.....GO TONY....:))))

AND and and NEVER forget the BIG LEBOWSKI ASS CLOWN on the "conference call" where that jack wad was kicking back on the couch and spewing about boozing and hookers in Vegas and the ole MOOCH aka DIRTY ARTHUR had to spank that ass clown, "HEY - WE ARE STREAMING LIVE YOU IDIOT" Bwaaaa ha ha ha .... I KNEW then and there I had "the bust" on these 2-bit cons.... in the bag !!!!