The SEC filed a complaint against Nutra Pharma, Inc., which claimed to make pain relief drugs from cobra snake venom. The SEC took issue with fraudulent press releases the company put out regarding upgrades to their cobra farm, when in fact there was no cobra farm, the company never owned cobras, and therefore had never produced a drop of cobra venom. The SEC complaint noted that Nutra Pharma had never turned a profit. The FDA was also on the attack, issuing a warning letter to Nutra Pharma for claims it posted on its website that its products could be used to treat asthma, arthritis, and pain related to cancer.
(www.sec.gov/litigation/complaints/2018/comp24295.pdf)
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