Myron W. Wentz

Last updated

Myron Wentz
Born (1940-08-13) August 13, 1940 (age 83)
North Dakota
Education North Central College, University of North Dakota, The University of Utah
Children3

Myron W. Wentz is the founder, chairman and former CEO of USANA Health Sciences, a Utah-based multi-level marketing company that produces nutritional products and dietary supplements. [1]

Contents

Education

Wentz holds a BSc degree in biology from North Central College in Naperville, Illinois, an MSc degree in microbiology from the University of North Dakota, and a PhD degree in microbiology and immunology from the University of Utah. [1]

Professional history

In 1974, Wentz launched Gull Laboratories as a one-man operation and developed a test for diagnosing Epstein-Barr virus infection. The company was later sold to Fresenius, a German medical products company, in 1994, although Wentz continued as Chairman until 1998. [2] Wentz sold his controlling interests in Gull Laboratories in 1992 and founded USANA Health Sciences in the same year.

Wentz also founded the Sanoviv Medical Institute in 1998, an alternative and holistic medicine center located near Rosarito, Mexico. Wentz served as President of Sanoviv from 1999-2010. [3] The current president is Seth Miller, USANA’s former Director of International Business Development. [4] [5]

Wentz and his family are the sole owners of Gull Holdings, Ltd., an Isle of Man company, [6] which in turn, is controlled by an entity registered in Liechtenstein, both well known tax haven countries. [7] Through Gull Holdings, Wentz owns 51% of USANA. [8]

Shareholder lawsuit

On April 4, 2007, Wentz was named as a defendant in a class-action lawsuit brought against USANA by company shareholders. The suit alleged that USANA presented materially false and misleading information about the company’s financial situation and business practices. Included in the allegations were that USANA's business model was unsustainable and amounted to a pyramid scheme. The suit cited several allegations from a report released by Barry Minkow and the Fraud Discovery Institute. [9]

Citizenship

Wentz has been criticized for having renounced his American citizenship in the mid-nineties, and for now claiming citizenship in Saint Kitts and Nevis, reportedly due to tax purposes as the country is known for being a tax haven. Former USANA CFO, Gilbert Fuller, responded to this criticism by stating that Wentz's decision to renounce his US citizenship had nothing to do with the company. [10] Wentz and his companion, Prudence Conley, now live in Rosarito, Mexico.

North Central College

Wentz donated $10 million to his alma mater, North Central College, [11] which helped to fund construction of the Wentz Concert Hall, a $30 million performing arts facility named after Wentz. In June 2011, the College awarded Wentz an honorary doctor of science degree for lifetime achievement in the sciences. [12] Wentz was the benefactor of the Dr. Myron Wentz Science Center at North Central College, which was due to be formally dedicated in October 2017. [13]

Bibliography

Books

Scientific papers

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References

  1. 1 2 "Meet the Founder | USANA". www.usana.com. Retrieved 24 November 2015.
  2. ↑ "form8k.htm". www.sec.gov. Retrieved 24 November 2015.
  3. ↑ "Dr. Myron Wentz | Sanoviv Founder". www.sanoviv.com. Retrieved 24 November 2015.
  4. ↑ "Sanoviv Medical Institute | Seth Miller, President". www.sanoviv.com. Retrieved 24 November 2015.
  5. ↑ "Seth T. Miller".
  6. ↑ "EDGAR Search Results". www.sec.gov. Retrieved 24 November 2015.
  7. ↑ Winstein, Keith J. "Usana Sales Plan Draws Fire From Felon Turned Gumshoe". Wall Street Journal. ISSN   0099-9660 . Retrieved 24 November 2015.
  8. ↑ "Multilevel Marketing Billionaire: Usana Stock Surge Makes Founder Myron Wentz A Billionaire". Forbes. Retrieved 24 November 2015.
  9. ↑ Linda Fantin (28 March 2007). "Supplements suit says USANA duped investors". Salt Lake Tribune . See also plaintiff press releases from Milberg Weiss, Brower Piven, and Brodsky & Smith, LLC, March 29, 2007.
  10. ↑ Keith J. Winstein (15 March 2007). "USANA Sales Plan Draws Fire from Felon Turned Gumshoe". Wall Street Journal .
  11. ↑ Kimberly, James (24 May 2006). "North Central and its $10 million benefactor". Chicago Tribune . Retrieved 30 August 2012.
  12. ↑ "Dr. Myron Wentz Awarded Honorary Doctor of Science Degree". Reuters. 13 June 2011.
  13. ↑ "New lab dedicated at the Dr. Myron Wentz Science Center". North Central College. North Central College.
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