Scorpion Venom Biopharma Company Settles Fraud Claims With SEC

Quanta Inc., a biopharmaceutical company that sold a scorpion-venom product, agreed to a pretrial settlement with the Securities and Exchange Commission following fraud allegations.

The agency accused Quanta, Arthur Mikaelian, and his son, Grant Mikaelian, of seven Exchange Act violations and one Securities Act violation on Monday in the US District Court for the Central District of California.

The company and the father-son duo agreed to settle without admitting or denying any allegations, according to an SEC press release Monday. Both Mikaelians agreed to five-year officer, director, and penny stock bars. Additionally, father and son will pay $150,000 and $75,000 ...