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SEC accuses ex-Outcome Health executives of engaging in $487 million fraud

( November 25, 2019, 18:21 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission filed an amended complaint accusing four former executives of Outcome Health with fraud in raising nearly half a billion dollars by falsely portraying the private healthcare advertising company as an overwhelming success to investors, clients and auditors. The complaint alleges former executives, CEO Rishi Shah, President Shradha Agarwal, CFO Brad Purdy and Executive VP Ashik Desai, engaged in a fraudulent scheme to misrepresent the company's business successes while raising money from unsuspecting investors. In a parallel action, the US Department of Justice announced criminal charges against Shah, Agarwal, Purdy and Desai as well as two employees who aren’t named in the SEC's action.Statement follows in full. Also see document below. ...

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