A federal jury convicted the president of a Silicon-Valley based medical tech company for a scheme involving false and fraudulent COVID-19 claims.
Mark Schena, 59, of Los Altos, was the president of Arrayit Corporation and engaged in scheme to defraud the company's investors. Schena claimed that he had invented"revolutionary" technology to test for virtually any disease using only a few drops of blood—a claim similar to that of disgraced Theranos CEO Elizabeth Holmes, who was also convicted of defrauding investors with the same claim.
Evidence at trial showed that Schena also falsely represented to investors that Arrayit could be valued at $4.5 billion with purported revenues of $80 million per year. Arrayit also lied about being able to test for COVID-19, though his test was never approved by the Food and Drug Administration.
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