June 11, 2020

Medical Technology Executive Embroiled in COVID-19 Testing Fraud

The president of Arrayit Corp. has been charged with securities and health care fraud stemming from allegations of allergy testing kick-backs and bribes and, more recently, making false claims about Arrayit and its COVID-19 testing capabilities. Starting as early as 2018, Mark Schena is alleged to have paid kickbacks and bribes to doctors to run allergy testing on all patients, regardless of the patient’s need. In March 2020, Schena made false claims about Arrayit’s ability to provide accurate and inexpensive COVID-19 tests. Specifically, he claimed that the company could offer microarray testing for COVID-19 testing with miniscule amounts of blood, a position that has since been questioned for its validity. After Schena made the misleading statements, the stock price for Arrayit soared, leading to significant increases in the company’s value.