NutraCea CEO Faces Securities Fraud Charges in Arizona
The former CEO of NutraCea will be facing securities fraud charges after
allegedly defrauding investors. An investment fraud attorney reports.
Bradley David Edson, former CEO of NutraCea, is facing fraud charges related to an alleged investment fraud scam. NutraCea is based in Scottsdale, Arizona, and deals in products made of stabilized rice bran. Edson joined NutraCea in 2005 and was also formerly president and CEO of Vital Living, a position that he held from 2001 – 2004. The arraignment in this case has been scheduled for May 2, 2012, in Phoenix.
According to federal prosecutors in the case, Edson was responsible for artificially inflating NutraCea’s stock prices in order to defraud investors. Edson allegedly had a hand in fraudulently inflating sales and net profit by $750,000 for 2006 and more than $3.5 million in 2007. The company allegedly reported these inflated profits and sales in news releases, which also omitted information related to the company’s acquisitions.
There were also issues with how income was recorded for some sales and the collection of a $600,000 debt-acquisition kickback by Edson.
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