DOJ arraigns test maker for investor fraud

The U.S. Department of Justice said Keith Berman, CEO of Decision Diagnostics Inc., of Westlake Village, Calif., has been indicted by a federal grand jury for allegedly attempting to defraud investors by making misleading claims about a test for the COVID-19 pandemic. Berman is alleged to have falsely claimed to have possessed a blood-based test for the SARS-CoV-2 virus that offered a 15-minute turn-around time between February and December, 2020, and that an emergency use authorization from the FDA was impending. DOJ said that Berman acknowledged in internal company email exchanges that the company was in poor financial health and that he needed “a new story” to raise money.