In fact, on March 26, the SEC issued an order suspending the trading of Praxsyn securities to protect investors. The Commission’s action was due to concerns regarding the accuracy and adequacy of information issued by the company regarding its efforts to acquire N95 masks.
SEC officials believe the defendants “sought to exploit unsuspecting investors”
In a statement, Eric I. Bustillo, Director of the SEC’s Miami Regional Office, said, “As alleged in the complaint, in the midst of the ongoing COVID-19 pandemic, Praxsyn and Brady sought to exploit unsuspecting investors by issuing false and misleading press releases concerning Praxsyn’s ability to source and supply N95 masks for the COVID-19 virus.”
On the other hand, SEC Division of Enforcement Co-Director Stephanie Avakian commented that they are committed to swiftly shutting down COVID-19 investment scams, seeking trading suspensions where appropriate, and pursuing fraud charges against both entities and individuals when warranted.”
