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US SEC accuses uBiome co-founders of $60 million fraud

( March 18, 2021, 20:36 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission filed a complaint against Richman and Zachary Apte, co-founders of private medical testing company uBiome Inc. for defrauding investors out of $60 million by falsely portraying uBiome as a successful start-up with a proven business model and strong prospects for future growth. The complaint alleges they raised funds from investors — millions of dollars of which went to Richman and Apte — by painting a false picture of uBiome as a rapidly growing company, which Richman told investors was "inventing the microbiome industry" and making "products that improve people's lives."Statement follows in full. Also see document below. ...

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