Enzyte Company Faces Stiff Financial Penalties
Posted on July 17th, 2008 by Genesis_DB under NewsThe people that bring us the “male enhancement” pill Enzyte face the possibility of being put out of business because a federal judge ordered the company to pay out over $500 million in damages after Steve Warshak, the company’s founder, and a number of other executives were found guilty of defrauding banks and customers.
News.cincinnati.com reports that the damages against Berkeley Premium Nutraceuticals were levied upon them by U.S. District Judge S. Arthur Spiegel, who found that “fraud and money laundering tainted almost every dollar the company earned during its most profitable years.” Lawyers for the Cincinnati, Ohio company believe that the fines are unjust because they include penalties against money that is unrelated to the defrauding charges.
The story goes on to say that Warshak could also be forced to forfeit some of his own personal belongs, including money, homes, a Segway mechanical scooter and two grand pianos. Warshak could also face up to 20 years in jail for his illegal actions. The lawyers have asked the judge to delay the force of payment until they can appeal the verdict, claiming that Berkeley is unable to pay the sizable amount and that the fines could force the company out of business.
Warshak claims innocence in the matter, saying that any problems the company experienced were the result of its rapid growth, not an effort to defraud customers.
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