US biotech executive sentenced to 7 years in jail for COVID test fraud

[BumRushDaShow]

Source: Reuters

April 12, 2024 6:28 PM EDT Updated 10 hours ago


April 12 (Reuters) - The chief executive of a U.S. biotechnology company that falsely promised investors it could produce a quick and accurate COVID-19 test was sentenced to seven years' in jail on Friday, the Justice Department said.

Keith Berman, 70, of Westlake Village, California, pleaded guilty last December to securities fraud totaling around $28 million.

The Justice Department said that from February through December 2020, Berman falsely claimed his Decision Diagnostics company had developed a 15-second test to detect COVID-19 in a finger prick sample of blood when, in reality, no such test existed.

"Berman defrauded investors to profit from the pandemic," Nicole Argentieri, head of the Justice Department's criminal division, said in a statement.

Read more: https://www.reuters.com/legal/us-biotech-executive-sentenced-7-years-jail-covid-test-fraud-2024-04-12/

[twodogsbarking]

1. A lot of people likely got burned. Serve every day MF.

[Martin68]

2. The downside is that this plays into the hands of anti-vaxers.