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Dec. 24, 2009 / 1:01 PM

SEC charges former World Health execs

PITTSBURGH, Dec. 24 (UPI) -- The U.S. Securities and Exchange Commission filed lawsuits charging former World Health Alternatives Inc. executives with theft of $6.4 million.

The suit charges former Chief Executive Officer Richard McDonald, Marc Roup, a former CEO and board member, former accountant Deanna Seruga and the firm's outside counsel Joseph Emas with a variety of charges, including falsifying records to make the company appear profitable, the Pittsburgh Tribune-Review reported Thursday.

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Seruga has already pleaded guilty to failure to report a felony. In the SEC suit filed in a federal court in Pittsburgh, the SEC charges she received $383,000 of the missing funds. Roup reportedly stole $4.2 million, while Emas received more than $135,000, court papers said.

The charges claim McDonald loaned World Health Alternatives $1.7 million for which the company paid him $4.8 million. He also sold company stock, then kept the proceeds of about $3.3 million.

As a result of irregularities, investors lost about $200 million, the lawsuit claims.

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