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SEC: Nutrition Company Failed to Disclose Executive Perks

Joe Mont | September 8, 2015

The Securities and Exchange Commission has charged a sports supplements and nutrition company with a series of accounting and disclosure violations, including the failure to properly report perks provided to its executives as compensation. Denver-based MusclePharm agreed to settle the charges.

An SEC investigation found that MusclePharm omitted or understated nearly $500,000 worth of perks received by executives, including approximately $244,000 paid to CEO Brad Pyatt related to automobiles, apparel, meals, and personal tax and legal services.  Even after the company began an internal review of undisclosed executive perks and then-audit committee chair Donald Prosser became directly involved in the process, MusclePharm continued filing financial statements that failed to disclose private jet use, vehicles, and golf club memberships.  

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