“Today’s fraud action against Praxsyn and its CEO demonstrates the SEC’s dedication to investor protection and accountability,” SEC Division of Enforcement co-director Steven Peikin said in the release. “We will move swiftly against those who seek to profit off this national emergency by cheating or misleading investors.”

The SEC charged Praxsyn and Brady with violating antifraud provisions of the federal securities laws. It seeks permanent injunctive relief and civil penalties, while it also is pursuing an officer and director bar against Brady. An investigation is ongoing with the assistance of the Financial Industry Regulatory Authority (FINRA).

“The Enforcement Division is committed to swiftly shutting down COVID-19 investment scams, seeking trading suspensions where appropriate, and pursuing fraud charges against both entities and individuals when warranted,” co-director of the SEC’s Division of Enforcement Stephanie Avakian said.