Former Biotech CEO Sentenced to 7 Years for COVID Test Fraud

Former biotech CEO Keith Berman sentenced to 7 years in prison for securities fraud related to false claims about rapid COVID-19 test
Berman claimed his company invented 15-second blood test to detect COVID-19, caused stock price to jump over 1500%
Prosecutors Berman privately told friend the test could not actually detect COVID-19, he capitalized on pandemic fears
Scheme resulted in about $28 million in investor losses
Berman pleaded guilty to securities fraud, wire fraud, obstruction of justice