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Posts published in September 2020

Biotech Exec Charged With COVID Test Fraud

In the most recent authorized fallout from an alleged fraud associated to the COVID-19 pandemic, the U.S. Securities and Exchange Fee has accused the president of biotech company Arrayit of making phony promises to traders.

According to the SEC, Mark Schena said that Arrayit had designed a COVID-take a look at and that it was awaiting crisis approval when, in fact, the corporation had not however procured all the essential elements for this kind of a take a look at and had not applied to the Foods and Drug Administration for an crisis use authorization.

The SEC’s civil criticism versus Schena came three months following the Section of Justice introduced prison fees versus him in what was its initially securities fraud prosecution associated to the pandemic.

“We allege that Mark Schena took gain of the COVID-19 pandemic at the expenditure of traders,” Erin E. Schneider, director of the SEC’s San

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