The CEO of a U.S. biotechnology company, Keith Berman, has been sentenced to seven years in jail for securities fraud, according to the Justice Department. Berman, aged 70, pleaded guilty in December 2023 to defrauding investors of approximately $28 million.
From February to December 2020, Berman falsely claimed that his company, Decision Diagnostics, had developed a 15-second test to detect COVID-19 using a finger prick sample of blood.
However, it was revealed that no such test actually existed. Berman's fraudulent actions aimed to profit from the pandemic. This case serves as a reminder of the consequences individuals may face for exploiting the global health crisis for personal gain.
