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Commission Orders Self-Proclaimed Drug Inventor-Entrepreneur to Repay Investors

The Corporation Commission ordered Charles Hensley of California and his affiliated company, Migranade, Inc. to pay $8,000 in restitution to investors and a $5,000 administrative penalty for committing securities fraud.

In its default order, the Corporation Commission found Charles Hensley and Migranade, Inc., directly and through the other respondents, solicited investors to purchase shares of stock in Neurocyte, Inc. Investors were told that Neurocyte, Inc. was set to “go public” and represented Neurocyte owned the rights to an over-the-counter migraine pain reliever called Migranade, supposedly created by Hensley.

The Commission found Hensley used investor funds for his personal travel, including airfare and a stay at a Las Vegas hotel and casino. Also, the Commission found the respondents failed to disclose a prior guilty plea in 2011 by Hensley related to his delivery of an unapproved drug called “Vira 38,” which was represented to treat influenza. To date, none of the investors have received any investment returns or repayment of their original investment.

All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edocket.azcc.gov and entering docket number S-21149A-21-0089.

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