CINCINNATI (CN) – Much-sued Berkeley Premium Nutraceuticals has filed for bankruptcy, listing $479 million in unsecured debts. Berkeley founder Steve Warshak was sentenced in August to 25 years in prison for conspiracy, fraud, money laundering, and conspiring to obstruct proceedings before the U.S. Trade Commission.
Berkeley’s declared, unsecured debts include $474.5 million to the federal government, $1.5 million for a “class action settlement,” and $230,000 to the attorneys general of three states.
U.S. Senior District Judge Arthur Spiegel in Cincinnati ordered Warshak and Berkeley to forfeit more than $500 million after Warshak’s conviction in late August. The government sued them for repeatedly charging customers’ credit cards for refills after the customers tried to cancel their orders, among other things.
Berkeley sells “male enhancement” pills and other “dietary supplements.”