Huntington Beach, California Mar 23, 2023 (Issuewire.com) - A now defunct health care company, Wellness Matrix Group Inc, announced that its former CEO, Barry Migliorini, has reached a settlement with the People of California. The terms of the settlement included no admission of liability, a civil penalty of $5,000, and restitution of $18,000. Migliorini said, "the final terms of the agreement could reduce the total combined fine to under $4,000." Migliorini added, "I agreed to the settlement because it was far less expensive than proving my innocence at trial."
The settlement brings to a close a case that began with allegations of illegal business practices, including false advertising among other allegations. Migliorini cooperated fully with the investigation and assisted in the expediting of refunds.
Previously, George Todt, former Vice President of Business Development for Wellness Matrix, received a default judgment of $2 million and a civil penalty of $82,843.10. Mr. Todt said he plans to appeal his penalties.
In a statement, Migliorini said, "I am pleased that this matter has been resolved. The L.A. City Attorney's office was in a tough spot, they must act quickly to protect the residents of California, and while I feel they failed in their early evaluation of the evidence they got it right in the end. Once Deputy district Attorney Miguel J. Ruiz, took over the lead there seemed to be a real push to uncover the truth rather than just go for the win. When you are innocent you don't want to pay any civil penalty or restitution, but when you weigh the time and cost to get to trial, a settlement just made good business sense. I believe their final numbers clearly display they did a thorough investigation and got it right. The minor fine coupled with what could amount to less than $1500 in restitution says volumes about what they believed my involvement was and the efforts I put forth to make sure there was a complete refund with no victims."
During the previous calendar year, Migliorini was also dismissed from the Case brought forward by the Securities and Exchange Commission. Todt and Wellness Matrix Group Inc. remain as defendants.
For more information about Wellness Matrix Group Inc., please contact:
Media Relations: Wall Street Marketing Group
Tel: 858-800-2974; email: ir@wsmg.biz
Source :Wall Street Marketing Group Inc.
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