Metabolife
From Wikipedia, the free encyclopedia
Metabolife International, Inc., is an American corporation based in San Diego, California which manufactures dietary supplements. Metabolife's best-selling product, an ephedra-based supplement called Metabolife 356, once generated hundreds of millions of dollars in annual sales.[1] However, Metabolife 356 and other ephedra-containing supplements were linked to thousands of serious adverse events, including deaths, culminating in a ban on ephedra-containing dietary supplements as unsafe by the United States Food and Drug Administration in 2004.
Metabolife founder Michael Ellis was indicted on 8 counts of making false statements to the FDA in an effort to obstruct regulation of ephedra.[2][3] Metabolife was also investigated by the Internal Revenue Service and the Department of Justice for income tax evasion; ultimately, the company pled guilty to filing fraudulent tax returns and was sentenced to pay a criminal fine of $600,000.[4] Metabolife owner William Bradley also pled guilty to evading millions of dollars in taxes and was sentenced to 6 months in federal prison and 2 years of probation.[5][6]
In response to falling sales, and facing more than $1 billion in personal injury legal claims related to Metabolife 356,[7] Metabolife filed for Chapter 11 bankruptcy in 2005.[1] The company's furnishings and property, including a large collection of artwork, were liquidated in late 2006 to compensate creditors and settle outstanding personal-injury claims.[8]
This company is now owned by Ideasphere Inc. [9]
[edit] References
- ^ a b Metabolife Continues Its Search for Buyer, by Mike Allen. Published in the San Diego Business Journal on October 17, 2005. Accessed April 11, 2007.
- ^ Criminal investigation sought for diet supplement seller. Published in USA Today on August 15, 2002. Accessed April 11, 2007.
- ^ Metabolife will plead guilty, end tax probe, by David Washburn. Published in the San Diego Union-Tribune on August 6, 2005. Accessed April 11, 2007.
- ^ News Release from the United States Department of Justice, dated December 16, 2005. Accessed April 11, 2007.
- ^ Metabolife and Owner William Bradley Plead Guilty to Tax Charges. A press release from the United States Department of Justice, dated October 5, 2005. Accessed April 11, 2007.
- ^ Breaking Stories: Case Closed, by Matt Potter. Published on SanDiegoReader.com on October 5, 2006. Accessed April 11, 2007.
- ^ Ex-Metabolife Hopes to Settle Ephedra Claims, by Penni Crabtree. Reprinted from the San Diego Union-Tribune on June 2, 2006. Accessed April 11, 2007.
- ^ Metabolife's Artwork Goes on the Block Today, by Diane Bell. Published in the San Diego Union-Tribune on November 30, 2006; accessed June 22, 2007.
- ^ Ideasphere Completes Deal to Acquire Non-Ephedra Metabolife Assets; Press Release; accessed February 20, 2008
