SAN JOSE, Calif. (KGO) -- The founder of a Silicon Valley lab, Mark Schena of Los Gatos, appeared before a San Jose Federal Court judge Tuesday by telephone, in what the Department of Justice says is the first criminal securities fraud prosecution related to the COVID-19pandemic.
Schena, 57, is charged with an alleged scheme to mislead investors and commit health care fraud by filing more than $69 million in false and fraudulent claims for coronavirus testing he developed at his laboratory, Arrayit Corporation in Sunnyvale.
The ABC7 I-Team first reported questions about the performance of Schena's COVID-19 tests just a day before his arrest in June, and followed up once charges were announced.
Schena is out on bail while the criminal case and a civil complaint brought by the Securities and Exchange Commission move forward.
Prosecutors say they are targeting a trial start date in March.
Take a look at more stories by Dan Noyes and the ABC7 News I-Team.
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