The Securities and Exchange Commission (SEC) filed a lawsuit Praxsyn Corporation and its CEO, Frank Brady, over its alleged fraudulent conduct related to the COVID-19.
Praxsyn describes itself as a specialty finance company providing cash flow solutions and medical receivables financing to U.S. healthcare providers focused on personal injury and worker’s compensation. It is based in Nevada and its principal offices are located in West Palm Beach, Florida.
Praxsyn allegedly lied about its efforts to buy and sell millions of N95 masks
In its complaint, the SEC alleged that on February 27, Praxsyn issued false and misleading statements that the company was engaged in negotiations to purchase and supply millions of N95 masks and similar standard masks to protect wearers from the COVID-19.
Praxsyn also claimed in the press release that it was “evaluating multiple orders and vetting various suppliers in order to guarantee a supply chain that can deliver millions of masks on a timely schedule.”
