Pharma Startup President Convicted in Fake Covid Testing Scheme

Blood testing huckster and former Arrayit president Mark Schena has been convicted in a covid-19 and allergy test scheme that allegedly resulted in nearly $80 million worth of fraudulent claims. Schena, who was convicted on five separate charges, could potentially spend decades in prison, according to the Department of Justice

The DOJ alleges Schena misled investors with bogus claims of “revolutionary” new technology capable of testing for virtually any disease with just a couple of pinpricks of blood while president of his pharma startup. No, this isn’t Theranos but it yes, it sure does sound similar.

Schena allegedly misled investors and told them his company was valued at around $4.5 billion. In reality, the DOJ alleges the president withheld documents that revealed Arrayit was actually on the verge of bankruptcy. Arrayit allegedly released fabricated press releases and tweets falsely claiming major institutions had entered into partnerships with the company. Schena even boldly claimed he was on a “shortlist” for the Nobel Prize, a claim that also turned out to be bullshit.

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All told, Arrayit allegedly filed $77 million worth of false and fraudulent claims for its covid-19 and allergy testing service. Schena, who was convicted of one count of conspiracy to commit health care fraud and conspiracy to commit wire fraud, two counts of health care fraud, one count of conspiracy to pay kickbacks, two counts of payment of kickbacks, and three counts of securities fraud, could potentially face decades in prison.

Source: Pharma Startup President Convicted in Fake Covid Testing Scheme

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