In a landmark judgement, the United States Department of Justice (DOJ) completed its first criminal securities fraud prosecution related to COVID-19, culminating in an eight-year sentence. The former president of the Silicon Valley-based medical technology company Arrayit Corporation, Mark Schena, found himself at the receiving end of this significant conviction.
Following his convictions in September 2022 for healthcare fraud, securities fraud, paying kickbacks, and conspiracy to commit wire fraud, Schena has been ordered to serve eight years’ imprisonment. Additionally, he has been directed to pay $24 million in restitution — a testimony to the magnitude of the felonies committed amidst a global pandemic. Interestingly, Schena’s case was the first instance of criminal COVID-19 healthcare fraud brought to prosecution by the DOJ.
Read more details about this case on JD Supra.