Medical Device CEO Guilty After Publicity Blitz Bilks Investors
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Before the COVID-19 pandemic hit, California medical device company Decision Diagnostics (DECN) was in trouble. Keith Berman, the 70-year-old CEO of the manufacturer of low-cost home testing devices and test strips, said his company needed a "new story."
According to internal emails, he said the company needed a new narrative to "raise millions." So, he got creative, a little too creative and from February to December 2020, Berman went on a "publicity blitz," falsely claiming his company developed a 15-second test to detect COVID-19 with a finger prick sample of blood. As investors bought into the GenViro! COVID-19 Screen, Berman knew the blood-based test never existed.
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