According to the SEC’s order, Zorayr Mikael Manukyan-Zakaryan, of Massachusetts, was on Pfizer’s due diligence team in connection with a public offering and filed false reports. The article breaks down the background of the case and what it means for companies in the future.
The SEC recently filed a cease-and-desist order against Zorayr Mikael Manukyan-Zakaryan, of Massachusetts for filing false reports in connection with Pfizer’s buyout offer. While the order itself doesn’t explain the background of this case, more is coming to light that might shed some light on what went wrong.
What led to Zorayr Mikael Manukyan-Zakaryan’s SEC filing?
-Zorayr Mikael Manukyan-Zakaryan filed false reports to hide assets
-The charges against Manukyan-Zakaryan
What led to Zorayr Mikael Manukyan-Zakaryan’s SEC filing?
According to the SEC, Zorayr Mikael Manukyan-Zakaryan filed false reports to hide assets. The charges against Manukyan-Zakaryan include violations of Sections 13(a) and 18 of the Securities Exchange Act of 1934. These sections prohibit individuals from knowingly filing false reports with the SEC. Additionally, Manukyan-Zakaryan is charged with one count of obstruction of justice. If convicted, he could face up to five years in prison and a $250,000 fine.
The Pfizer investigation
The Securities and Exchange Commission (SEC) has filed a complaint against Zorayr Mikael Manukyan-Zakaryan, the former head of research and development at Pfizer, alleging that he filed false reports with the company. The SEC alleges that Manukyan-Zakaryan made up data to make it look like Pfizer’s products were performing better than they were, which helped him maintain his position within the company. The SEC is requesting that Manukyan-Zakaryan be fined and ordered to disgorge any profits he made from his deceptive reporting.
On December 13, 2017, the SEC filed a lawsuit in the US District Court for the Southern District of New York against Zorayr Mikael Manukyan-Zakaryan, a former employee of Pfizer. The complaint alleges that Manukyan-Zakaryan filed false reports to conceal his role in a scheme to bribe doctors in Russia.
According to the SEC, from at least January 2013 through at least March 2014, Manukyan-Zakaryan bribed Russian doctors with lavish dinners and tickets to sporting events in order to secure their prescribing rights for Pfizer’s medications. In exchange, Manukyan-Zakaryan allegedly promised the doctors that they would receive lucrative promotional opportunities from Pfizer.
The SEC charges Manukyan-Zakaryan with one count of wire fraud and one count of making false statements to the SEC. If convicted, he faces up to 20 years in prison and a $250,000 fine.
The SEC investigation
On March 9, 2019, the SEC filed a complaint against Zorayr Mikael Manukyan-Zakaryan alleging that he filed false reports with the agency. According to the SEC, Manukyan-Zakaryan falsely claimed that he had sold his shares in a company when, in fact, he never sold them.
The SEC also alleges that Manukyan-Zakaryan lied about his income and assets to deceive the SEC. The SEC has requested that Manukyan-Zakaryan be permanently barred from working in the securities industry and fined $50,000.
If convicted of these charges, Manukyan-Zakaryan could face up to five years in prison and a $250,000 fine.
Manukyan-Zakaryan has denied any wrongdoing and has said that he will fight the allegations.
Other interesting facts about Zorayr Mikael Manukyan-Zakaryan
Zorayr Mikael Manukyan-Zakaryan is a former police officer who was convicted of filing false reports in an effort to cover up a corruption scandal. The order from the SEC accuses Manukyan-Zakaryan of falsely reporting that he had discovered $8 million in cash while working as a police officer in Yerevan, Armenia. The order also claims that Manukyan-Zakaryan lied about his involvement in the scheme and tried to hide his assets.
Zorayr Mikael Manukyan-Zakaryan is a senior executive at the Armenian National Security Service (ANS) and a member of the Republican Party of Armenia. He has been accused of filing false reports to conceal weapons trafficking activities by his subordinates. He has denied the allegations, and his trial is ongoing.
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