SEC Charges Co-Founders of San Francisco Biotech Company With $60 Million Fraud
"According to the complaint, Richman and Apte portrayed the company as having a strong track record of receiving health insurance reimbursement for its clinical tests, which purportedly could detect microorganisms and assist in diagnosing disease.
- "According to the complaint, Richman and Apte portrayed the company as having a strong track record of receiving health insurance reimbursement for its clinical tests, which purportedly could detect microorganisms and assist in diagnosing disease.
- According to the complaint, Richman and Apte were each enriched by millions through selling their own uBiome shares during the fraudulent fundraising round.
- "We allege that Richman and Apte touted uBiome as a successful and fast-growing biotech pioneer while hiding the fact that the company's purported success depended on deceit,"said Erin Schneider, Director of the SEC's San Francisco Regional Office.
- Postal Inspection Service, Defense Criminal Investigative Service, and Department of Health and Human Services Office of Inspector General.