Statement Summary
The U.S. Securities and Exchange Commission (SEC) has initiated administrative proceedings against Elliot Maza, a former attorney and certified public accountant, following a prior court judgment that permanently enjoined him from violating securities laws. Maza, former CEO and CFO of BioZone Pharmaceuticals, failed to disclose essential information in that company’s SEC filings, including control over significant shares and management by certain individuals. In light of these findings, the SEC has accepted Maza’s settlement offer, resulting in his immediate suspension from practicing as both an attorney and an accountant before the Commission. This action is deemed in the public interest to uphold regulatory compliance.
Original Statement
UNITED STATES OF AMERICA
Before the SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 103001 / May 7, 2025
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 4567 / May 7, 2025
ADMINISTRATIVE PROCEEDING
File No. 3-22475
In the Matter of
ORDER INSTITUTING ADMINISTRATIVE
PROCEEDINGS PURSUANT TO RULE
ELLIOT MAZA, Esq., CPA,
Respondent.
IMPOSING REMEDIAL SANCTIONS
I. The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Elliot Maza (“Respondent” or “Maza”) pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of Practice.
II. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over him and the subject matter of these proceedings, Maza consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions (“Order”), as set forth below.
III. On the basis of this Order and Respondent’s Offer, the Commission finds that:
- Maza, age 69, resides in Fort Lee, New Jersey. Maza is a member of the New York State Bar and is also a certified public accountant licensed to practice in New York. Maza is not currently associated with any registered broker-dealer or investment adviser. From 2011 to 2013, Maza was the Chief Executive Officer and Chief Financial Officer of BioZone Pharmaceuticals, Inc. (“BioZone”), a publicly traded company.
- On September 7, 2018, the Commission filed a complaint against Maza in SEC v. Honig, et al., 18-cv-8175, in the United States District Court for the Southern District of New York. On April 25, 2025, a Final Judgment was entered against Maza, permanently enjoining him, by consent, from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder. The Final Judgment also permanently enjoined Maza from aiding and abetting violations of Section 15(d) of the Exchange Act and Rule 15d-1 thereunder.
- The Commission’s complaint alleged that, while CEO and CFO of BioZone, Maza knowingly signed the company’s annual filing for fiscal year 2012, and an amended annual filing for that year, both filed with the SEC, without disclosing that certain individuals had control of more than five percent of BioZone’s outstanding shares, and without disclosing that certain individuals controlled the management of the company. The complaint also alleged that Maza knowingly provided false assurance to a broker that one of these individuals had no agreement or understanding with BioZone that would preclude that individual from selling BioZone stock. Over the course of his tenure, Maza received millions of shares of BioZone stock, in addition to his salary.
IV. In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanction agreed to in Respondent Maza’s Offer. Accordingly, it is hereby ORDERED pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of Practice, effective immediately, that:
- Maza is suspended from appearing or practicing before the Commission as an attorney.
- Maza is suspended from appearing or practicing before the Commission as an accountant.
By the Commission.
Vanessa A. Countryman
Secretary
