Our Commitment to Transparency

For over 30 years, GRx has led the way in the reverse distribution industry. GRx remains the industry leader, having embraced a corporate culture of integrity, transparency and ethical compliance on every level of our organization.

Meet President & CEO, Paul Nick

Paul Nick, President & CEO

Since early December 2014, the management team of GRx has been led by Chief Executive Officer and President Paul Nick, Certified Public Accountant.

Mr. Nick joined the Company in 2010 as the Corporate Controller and was responsible for leading the Company's financial and strategic planning efforts.

Prior to joining Guaranteed Returns, he spent over 20 years with a major energy and utility company where he was responsible for all general accounting functions, SEC reporting, Sarbanes-Oxley compliance and financial reporting for other regulatory agencies. He began his career at Ernst & Young, LLP, specializing in the energy and healthcare industries. Mr. Nick received his Bachelor of Science Degree, from Long Island University, CW Post Center.

GRx Today

Through integrity, accountability, and a focus on success, we have created a new company culture.

1. The first step in achieving this was to retain new counsel to provide advice on corporate compliance and business ethics;  Ira Halpern is an experienced corporate attorney from Meltzer, Lippe, Goldstein & Breitstone, LLP, a prominent Long Island law firm.

2. An independent monitor, Roscoe C. Howard, Jr., of the law firm of Barnes & Thornburg LLP was retained to evaluate and report on GRx compliance and internal programs. Mr. Howard was the United States Attorney for the District of Columbia from 2001-04.

Roscoe C. Howard, Jr.

Roscoe Howard is the managing partner of the Washington, D.C., office of Barnes & Thornburg. Having tried more than 100 cases as a federal prosecutor, Roscoe monitors and oversees company-wide compliance programs; assesses and reports back on a company’s compliance and ethics programs.

3. An independent trustee, Alan Trachtman, acts as sole shareholder pursuant to a voting trust agreement, which was put in place to eliminate the involvement in the company by the former CEO and CFO.  Mr. Trachtman is a former state prosecutor who served 21 years in the Kings County District Attorney's office, where he served as Chief of the Supreme Court Trial Bureau.

4. An independent CPA firm was hired to oversee and validate distribution of funds to customers.

5. Customers now have the ability to select how they wish to age their indated products, with regular communication between GRx and the customer.

6. An Escrow Agreement with the Company’s bank is in place; whereby funds received are validated prior to distribution.

7. A Business Conduct and a Corporate Compliance Program was developed which is regularly reviewed and updated to include:

  • Procurement integrity procedures and policies
  • Government disclosure requirements
  • Internal audits of company policies and procedures adhering to the highest levels of transparency
  • Confidential and secure employee hotline
  • Improved and enhanced IT systems including a robust customer portal with complete visibility to all transactions.
  • Implementation of a new Warehouse Management System with increased internal controls, validation, verification and security for all users.
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