• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Exclusives
    • Nutraceuticals
    • Markets
    • Health
    • Jobs
    • Events
    • Buyers' Guide
    • Showcases
    • More
  • Magazine
  • News
  • Exclusives
  • Nutraceuticals
  • Markets
  • Health
  • Jobs
  • Events
  • Buyers' Guide
  • Showcases
  • Current & Past Issues
    Features
    Columns
    Editorials
    Digital Edition
    Subscribe Now
    Advertise Now
    eNewsletter
    Editorial Guidelines
    Top Features
    Nutraceuticals for Men: Muscle Health and Performance Nutrition

    Aging in Place: Healthy Lifestyles Supplement Science-Based Solutions

    Getting an Edge in Esports: Meeting the Health Needs of Competitive Gamers

    Beyond CBD: Cannabis Compounds Warrant Recognition and More Research

    Leveling Out the Energy Segment for Mainstream, and Rethinking Caffeine
    Breaking News
    Certifications, Approvals and Patents
    Exclusives
    Industry & Market News
    People
    Products
    Regulatory
    Research
    Supplier News
    Supplier Insights
    Live From Shows
    Top News
    GOED Creates Infographic Highlighting Omega-3 Health Claims Approved in Europe

    Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board

    Expert Consensus Statement: Diet is Best Primary Intervention to Achieve Diabetes Remission

    Choline Alone May Improve Maternal DHA Status During Pregnancy

    Cranberry Consumption Linked to Memory and Neurological Function Improvements
    Exclusives
    Blogs & Guest Articles
    Health E-Insights
    Area Code 420
    eBook
    Antioxidants
    Dairy-Based Ingredients
    Enzymes
    Fatty Acids
    Fiber & Carbohydrates
    Green Foods
    Herbs & Botanicals
    Marine Nutraceuticals
    Minerals
    Omega 3s
    Probiotics & Prebiotics
    Proteins, Peptides, Amino Acids
    Sweeteners
    Vitamins

    GOED Creates Infographic Highlighting Omega-3 Health Claims Approved in Europe

    Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board

    Choline Alone May Improve Maternal DHA Status During Pregnancy

    Cranberry Consumption Linked to Memory and Neurological Function Improvements

    Bilberon Bilberry Extract Receives U.S. Patent For Eye Strain, Neck/Shoulder Pain
    Consumer Trends
    Contract Manufacturing
    Cosmeceuticals / Nutricosmetics
    Delivery & Dosage Technologies
    Dietary Supplements
    Flavors & Colors
    Functional Foods & Beverages
    Healthcare Trends
    Medical Nutrition
    Mergers & Acquisitions
    Natural/Organic
    Nutrition Bars
    Packaging
    Pet Nutraceuticals
    Quality & Safety
    Regulations
    Research
    Testing
    World Markets

    FDA Issues Draft Guidance on NDI Enforcement Discretion

    GOED Creates Infographic Highlighting Omega-3 Health Claims Approved in Europe

    Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board

    Expert Consensus Statement: Diet is Best Primary Intervention to Achieve Diabetes Remission

    Choline Alone May Improve Maternal DHA Status During Pregnancy
    Bone & Joint Health
    Cancer Risk
    Cardiovascular Health
    Cognitive Function
    Diabetes & Blood Sugar Management
    Digestive Health
    Energy
    Eye Health
    Healthy Aging
    Immune Function
    Infant & Children's Health
    Inflammation
    Men's Health
    Mood Health & Sleep
    Oral Health
    Sexual & Reproductive Health
    Skin Health
    Sports Nutrition
    Weight Management/Weight Loss
    Women's Health

    Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board

    Expert Consensus Statement: Diet is Best Primary Intervention to Achieve Diabetes Remission

    Choline Alone May Improve Maternal DHA Status During Pregnancy

    Cranberry Consumption Linked to Memory and Neurological Function Improvements

    Bilberon Bilberry Extract Receives U.S. Patent For Eye Strain, Neck/Shoulder Pain
    Industry Events
    Live From Show Events
    Webinars
    All Companies
    Categories
    Trade Associations
    Company Capabilities
    International Buyers Guide Companies
    KLK OLEO

    Gencor

    ESHA Research

    Xsto Solutions

    Botanic Healthcare LLC
    Companies
    Product Releases
    News Releases
    Literature / Brochures
    White Papers
    Jobs
    VIdeos
    Services
    Add New Company
    International Buyers Guide Companies
    KLK OLEO

    Gencor

    ESHA Research

    Xsto Solutions

    Botanic Healthcare LLC
    • Magazine
      • Current / Back Issue
      • Features
      • Editorial
      • Columns
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Buyers' Guide
      • All Companies
      • Categories
      • Trade Associations
      • Company Capabilities
    • Nutraceuticals
      • Antioxidants
      • Dairy-Based Ingredients
      • Enzymes
      • Fatty Acids
      • Fiber & Carbohydrates
      • Green Foods
      • Herbs & Botanicals
      • Marine Nutraceuticals
      • Minerals
      • Omega 3s
      • Probiotics & Prebiotics
      • Proteins, Peptides, Amino Acids
      • Sweeteners
      • Vitamins
    • Markets
      • Consumer Trends
      • Contract Manufacturing
      • Cosmeceuticals / Nutricosmetics
      • Delivery & Dosage Technologies
      • Dietary Supplements
      • Flavors & Colors
      • Functional Foods & Beverages
      • Healthcare Trends
      • Medical Nutrition
      • Mergers & Acquisitions
      • Natural/Organic
      • Nutrition Bars
      • Packaging
      • Pet Nutraceuticals
      • Quality & Safety
      • Regulations
      • Research
      • Testing
      • World Markets
    • Health
      • Bone & Joint Health
      • Cancer Risk
      • Cardiovascular Health
      • Cognitive Function
      • Diabetes & Blood Sugar Management
      • Digestive Health
      • Energy
      • Eye Health
      • Healthy Aging
      • Immune Function
      • Infant & Children's Health
      • Inflammation
      • Men's Health
      • Mood Health & Sleep
      • Oral Health
      • Sexual & Reproductive Health
      • Skin Health
      • Sports Nutrition
      • Weight Management/Weight Loss
      • Women's Health
    • Online Exclusives
    • Webinars
    • Slideshows
    • Blogs & Guest Articles
    • Health E-Insights
    • Videos
    • Podcasts
    • Infographics
    • eBook
    • Whitepapers
    • Research
      • TrendSense
      • Monograph Center
      • White Papers
      • Research News
    • Jobs
    • Events
      • Industry Events
      • Live From Show Events
      • Webinars
    • Supplier Showcases
      • Companies
      • Product Releases
      • News Releases
      • Literature / Brochures
      • White Papers
      • Jobs
      • VIdeos
      • Services
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    Sports Drink Executive Indicted in Connection with Alleged Fraud Charges

    Utah attorney’s office claims defendant solicited more than $7 million from 50 or more investors.

    Related CONTENT
    • An Interview with Sue McKinney of Crila Health
    • GRMA Invites Participation in Developing GMP Standard for Dietary Supplements
    • Store Brands Gaining Share in U.S. Retail Channels
    • Report Highlights Safety Data on Bioactive Nutrients
    • UNPA Names New VP, Regulatory & Compliance
    09.19.14
    A federal grand jury returned a 38-count indictment on Sep. 17 charging Randy Olshen, age 51, of Newport Beach, CA, with mail fraud, wire fraud and money laundering in connection with an alleged scheme involving sports drinks. At times relevant to the indictment, Mr. Olshen maintained a residence in Summit County, Utah.

    The indictment alleges Mr. Olshen solicited and received more than $7 million from 50 or more victims as a part of his scheme.

    According to the indictment, Mr. Olshen was one of the founders and president of Innovative Health Solutions, LLC (IHS), organized in 2008. IHS specialized in manufacturing and selling sports hydration drinks designed to boost energy and stamina. One of the products marketed by the company was H2O Overdrive. The indictment alleges that Mr. Olshen, in an effort to promote the growth of IHS, sought investors and made representations to encourage investments in the company.

    The indictment alleges that beginning around 2009 and continuing until about February 2013, Mr. Olshen devised a scheme to defraud IHS investors and divert portions of the invested funds for purposes not disclosed to investors in a manner inconsistent with his representations and promises. According to the indictment, Mr. Olshen misrepresented annual sales figures for the company.

    For example, according to the indictment, he represented that IHS had approximately $1.1 million in sales in 2009, when in fact, it had approximately $98,275 in sales that year; he represented that IHS had more than $28 million in sales in 2012, when in fact, it had approximately $579,239 in sales that year. He also represented that the company had large receivable accounts with various national chains such as Costco, Rite Aid, CVS, and Food Lion. In fact, no such large receivable accounts were owed to IHS.

    According to the indictment, Mr. Olshen concealed material facts, including that he created two sets of IHS accounting records, one that accurately represented company finances and one that was provided to investors and potential investors; fabricated paperwork, such as sales records, to support his misrepresentations regarding the growth of IHS; failed to make numerous payments to creditors; paid a portion of investor funds to others as commissions for obtaining investments for IHS; that he personally declared Chapter 7 bankruptcy around October 18, 2011; and that he used IHS funds for his own personal benefit and expenses in excess of his reported salary.

    The indictment alleges 12 counts of mail fraud, nine counts of wire fraud and 17 counts of money laundering. The potential maximum penalty for each count of mail fraud and wire fraud is 20 years with fines of $250,000. Counts 22 through 34 of money laundering have potential 20-year penalties and $500,000 penalties. Counts 35-38 of money laundering have potential 10-year sentences and fines of $250,000. A summons has been issued to the defendant to make an initial appearance on the charges Oct. 22, 2014, at 11:15 a.m. before U.S. Magistrate Judge Paul M. Warner.

    Indictments are not findings of guilt. Individuals charged in indictments are presumed innocent unless or until proven guilty in court.

    The case is being investigated by special agents of the FBI, IRS Criminal Investigation, and the Utah Division of Securities. It is being prosecuted by the U.S. Attorney’s Office in Salt Lake City.
    Related Searches
    • Drinks
    • Energy
    • Health
    Suggested For You
    An Interview with Sue McKinney of Crila Health An Interview with Sue McKinney of Crila Health
    GRMA Invites Participation in Developing GMP Standard for Dietary Supplements GRMA Invites Participation in Developing GMP Standard for Dietary Supplements
    Store Brands Gaining Share in U.S. Retail Channels Store Brands Gaining Share in U.S. Retail Channels
    Report Highlights Safety Data on Bioactive Nutrients Report Highlights Safety Data on Bioactive Nutrients
    UNPA Names New VP, Regulatory & Compliance UNPA Names New VP, Regulatory & Compliance
    eCommerce Maintains Top Spot in the $12.8 Billion Vitamin Category eCommerce Maintains Top Spot in the $12.8 Billion Vitamin Category
    Keeping A Finger On The Pulses Keeping A Finger On The Pulses
    Executive Pleads Guilty to Multi-Million Dollar Fraud Charges Executive Pleads Guilty to Multi-Million Dollar Fraud Charges
    FTC Order Concludes Health Claims for BrainStrong Supplement Were Deceptive FTC Order Concludes Health Claims for BrainStrong Supplement Were Deceptive
    LAYN USA Reaches Milestones for Contract Manufacturing of Truvia LAYN USA Reaches Milestones for Contract Manufacturing of Truvia
    Brain Power Basics Brain Power Basics
    An interview with Mark Whitacre An interview with Mark Whitacre
    The Research Process: Building A Research Platform The Research Process: Building A Research Platform
    Cost-Effectiveness of Integrative Medicine Cost-Effectiveness of Integrative Medicine
    BioCell Technology LLC BioCell Technology LLC

    Related Content

    • Herbs & Botanicals | Men's Health | World Markets
      An Interview with Sue McKinney of Crila Health

      An Interview with Sue McKinney of Crila Health

      Ms. McKinney, director of Crila Health, is an entrepreneur who moved to Vietnam in 1994.
      By Sheldon Baker 05.01.17

    • Breaking News | Dietary Supplements | Industry & Market News | Quality & Safety | Regulations

      GRMA Invites Participation in Developing GMP Standard for Dietary Supplements

      Organization launches website and adds administrative manager role.
      03.29.17

    • Breaking News | Consumer Trends | Industry & Market News

      Store Brands Gaining Share in U.S. Retail Channels

      Nielsen data shows retailers’ brands strongly outperformed national brands in growing mass merchandisers segment.
      02.24.17


    • Breaking News | Dietary Supplements | Healthcare Trends | Industry & Market News

      Report Highlights Safety Data on Bioactive Nutrients

      Analysis of tolerable upper intake levels adds to body of scientific literature.
      02.21.17

    • Breaking News | People News | Quality & Safety

      UNPA Names New VP, Regulatory & Compliance

      Former FDA inspector Larisa Pavlick to enhance organization’s quality assurance and education initiatives.
      12.20.16

      Trending
      • Vitamin D3, Omega-3s, Exercise May Cumulatively Reduce Cancer Risk In Older Adults | Nutraceuticals World
      • Leaven Essential To Launch Branded Botanical Extracts To Global Markets | Nutraceuticals World
      • Vitamin D3, Omega-3s, Exercise May Cumulatively Reduce Cancer Risk in Older Adults
      • Oregon Files Lawsuit Against GNC | Nutraceuticals World
      • Vitamin K2 Status May Impact Blood Pressure And Pulse Wave Velocity | Nutraceuticals World
      Breaking News
      • GOED Creates Infographic Highlighting Omega-3 Health Claims Approved in Europe
      • Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board
      • Expert Consensus Statement: Diet is Best Primary Intervention to Achieve Diabetes Remission
      • Choline Alone May Improve Maternal DHA Status During Pregnancy
      • Cranberry Consumption Linked to Memory and Neurological Function Improvements
      View Breaking News >
      CURRENT ISSUE

      May 2022

      • Aging in Place: Lifestyle Supplements Science-Based Solutions
      • Getting an Edge in Esports: Meeting Health & Nutrition Needs
      • Nutraceuticals for Men: Muscle Health and Performance Nutrition

      Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
      You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

      • About Us
      • Privacy Policy
      • Terms And Conditions
      • Contact Us

      follow us

      Subscribe
      Nutraceuticals World

      Latest Breaking News From Nutraceuticals World

      GOED Creates Infographic Highlighting Omega-3 Health Claims Approved in Europe
      Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board
      Expert Consensus Statement: Diet is Best Primary Intervention to Achieve Diabetes Remission
      Coatings World

      Latest Breaking News From Coatings World

      What Are You Reading?
      Teknos Receives EcoVadis Gold Medal for Sustainability Performance
      AkzoNobel and Partners Team Up to Hack Carbon Reduction Challenges
      Medical Product Outsourcing

      Latest Breaking News From Medical Product Outsourcing

      MPO's Most-Read Stories This Week—May 21
      Iterative Scopes Expands its Senior Leadership Team
      Viz.ai Raises $100 Million in Series D Funding
      Contract Pharma

      Latest Breaking News From Contract Pharma

      Piramal Pharma Solutions New API Plant in Canada Now Online
      MG America Appoints Claudio Radossi as President
      Catalent Invests $175M to Expand Mfg. Capabilities at Winchester, KY
      Beauty Packaging

      Latest Breaking News From Beauty Packaging

      Authentic Beauty Concept Launches Second-Generation ‘Refill Bar’
      HASK Beauty Enters Exclusive Partnership with Amazon
      Garance Doré Launches Made in France Skincare Line
      Happi

      Latest Breaking News From Happi

      P&G Closes HQ Due To Security Threat, Launches New Hair Care Line
      SPF Setting Spray, Lip Contour and Knotless Braids Are Hot Trends: Spate
      Nutrafol Launches Collagen Infusion
      Ink World

      Latest Breaking News From Ink World

      Weekly Recap: Zeller+Gmelin, Sun Chemical and Kornit Top This Week’s News
      Nazdar Celebrates 100 Years with a New Look
      hubergroup Chemicals Exhibits at Paint India for First Time
      Label & Narrow Web

      Latest Breaking News From Label & Narrow Web

      Brook + Whittle's new acquisition, SunDance goes to HP and more
      Specialty announces move to new facility
      Mark Andy hosts dealer's open house in Warsaw
      Nonwovens Industry

      Latest Breaking News From Nonwovens Industry

      Weekly Recap: Kimberly-Clark to Expand Diaper, Wipes Production in Brazil; The Honest Company to Sell Diapers, Wipes at Walmart & More
      3M to Expand in Nebraska
      Nicely Offers Nonwoven Slitters, Winders
      Orthopedic Design & Technology

      Latest Breaking News From Orthopedic Design & Technology

      ODT's Most Read Stories This Week—May 21
      FDA Clears Anika Therapeutics' X-Twist Knotless Fixation System
      Paragon 28 Rolls Out TenoTac 2.0 Hammertoe and Soft Tissue Repair
      Printed Electronics Now

      Latest Breaking News From Printed Electronics Now

      Weekly Recap: Graphene Flagship, Japan Display and LG Display Top This Week’s Stories
      Evonik Launches New Processing Aids for PV Wafer Cutting
      NREL Creates Highest Efficiency 1-Sun Solar Cell

      Copyright © 2022 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

      AD BLOCKER DETECTED

      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker.


      FREE SUBSCRIPTION Already a subscriber? Login