Don Bauder 5:30 p.m., March 10
SEC Won't Pursue Usana Further
According to the Wall Street Journal today (Jan. 11), the Securities and Exchange Commission is no longer investigating Utah-based Usana Health Sciences. The agency says there will be no enforcement action. In February of last year, San Diego's Fraud Discovery Institute issued a 500-page investigation charging that the company, which sells its products through multi-level marketing, is a pyramid scheme. It turned out that several bios of Usana officials were false, as reported in the Reader Sept. 13 and also in the Journal. The Fraud Discovery Institute is headed by ex-con Barry Minkow, pastor of a San Diego church. Usana has sued Minkow and the institute.