The SEC's order finds that on two separate occasions in 2017, TherapeuticsMD selectively shared material information with analysts about the company's interactions with the U.S. Food and Drug Administration (FDA).  As detailed in the SEC's order, on June 15, 2017, one day after a publicly-announced meeting with the FDA about a new drug approval, TherapeuticsMD sent private messages to sell-side analysts describing the meeting as "very positive and productive."  TherapeuticsMD's stock price closed up 19.4 percent on heavy trading volume the next day.  At that time, the company had not issued a press release or made any other market-wide disclosure about the meeting.

According to the SEC's order, early in the morning of July 17, 2017, TherapeuticsMD issued a press release announcing that it had submitted additional information to the FDA, but did not yet have a clear path forward regarding its New Drug Application.  TherapeuticsMD's stock price declined approximately 16 percent in pre-market trading following the issuance of the press release.  The SEC's order finds that in a call and email to sell-side analysts after the press release was issued but before the market opened, the company selectively shared previously undisclosed details about the June FDA meeting and the information it had subsequently submitted to the FDA.  According to the SEC's order, all of the analysts published research notes containing these details, and the stock rebounded to close down only 6.6 percent for the day.  The SEC's order found that at the time of these selective disclosures, TherapeuticsMD did not have policies or procedures regarding compliance with Regulation FD. 

[F]rom 2005 until 2009, Wragg received approximately $54 million in funds from investors across the United States with the false promise that they would earn 50% or higher returns on their investments.  The defendant told the victim investors that Mantria was a very successful company with investments in real estate and green energy.  In reality, however, Mantria was a Ponzi scheme which used new investor funds to pay "earnings" to earlier investors.

Wragg obtained these large investments through co-defendant Wayde McKelvy, who ran unlicensed investment clubs in Colorado.  In addition to advising the victims to invest their retirement savings in Mantria, Wragg and McKelvy coached the victims to obtain home equity loans, credit card loans, and other loans to raise even more funds to invest in Mantria.  Thus, when the Mantria Ponzi scheme collapsed, many of the victims were left financially devastated.

While on bail pending sentencing for the Mantria fraud, Wragg brazenly committed a second fraud scheme.  The defendant solicited an investment in an online video dating service, known as LUVR, with the false representation that the company was about to be purchased by a well-known internet entrepreneur.  In reality, no such deal ever existed and the victim lost her entire investment.

Wragg pleaded guilty to both fraud schemes.  Co-defendant Amanda Knorr also pleaded guilty to her role in the Mantria fraud and was sentenced in April 2019 to 30 months' in prison.  Co-defendant Wayde McKelvy was convicted on all counts at trial in October 2018.  The Court has not yet set a sentencing date for McKelvy.