Biotech CEO who relied on multiple aliases sentenced to 7 years in prison for Theranos-like $28 million fraud involving a fake finger-prick Covid test [Fortune]
DECISION DIAGNOSTICS CORP (DECN)
NASDAQ:AMEX Investor Relations:
decisiondiagnostics.co/pages/invest.html
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Source: Fortune
identities to pump up the company's stock price, authorities said. The CEO, Keith Berman, was sentenced on Friday to seven years in prison for the fraud that led to $28 million in investor losses, according to the Department of Justice. He pleaded guilty in December to securities fraud, wire fraud, and obstruction of an official proceeding. “At the height of the COVID-19 pandemic, Keith Berman gave people false hope that his biotech company had developed a rapid blood test to detect COVID-19. But there was no such test. Berman defrauded investors to profit from the pandemic,” Principal Deputy Assistant Attorney General Nicole Argentieri, head of the Justice Department's Criminal Division, said in a statement on Friday. Authorities said Berman, 70, made numerous false statements to investors, even claiming that he didn't pay himself as the CEO of Decision Diagnostics, despite using $360,000 of company funds to pay for live chats on webcams with people in foreign countries. He did
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News
- Biotech CEO who relied on multiple aliases sentenced to 7 years in prison for Theranos-like $28 million fraud involving a fake finger-prick Covid test [Yahoo! Finance]Yahoo! Finance
- Biotech Exec Gets 7 Years in Prison for False Claims About Rapid Covid-19 Test [The New York Times]The New York Times
- US biotech executive sentenced to 7 years in jail for COVID test fraud [Reuters]Reuters
- US biotech executive sentenced to 7 years in jail for COVID test fraud [Yahoo! Finance]Yahoo! Finance