"Biotech Executive Receives 7-Year Jail Sentence for COVID Test Fraud"

The CEO of a U.S. biotech company, Keith Berman, has been sentenced to seven years in prison for securities fraud amounting to $28 million after falsely claiming the development of a quick and accurate 15-second COVID-19 test, which did not exist. The Justice Department stated that Berman exploited the pandemic to defraud investors, and the U.S. Securities and Exchange Commission had previously sued the company and Berman in December 2020.