"Biotech Executive Sentenced to 7 Years for Deceptive Claims on Rapid Covid-19 Test"

Keith Berman, the former CEO of a biotechnology company, has been sentenced to seven years in prison for securities fraud after falsely claiming to have invented a rapid Covid-19 test that could detect the virus in 15 seconds. Prosecutors stated that Berman engaged in a scheme to defraud investors by promoting the test, resulting in about $28 million in losses. Berman pleaded guilty to securities fraud, wire fraud, and obstruction of an official proceeding.