Founders of poop-testing uBiome, reportedly on the run, charged by SEC with defrauding investors
Following several high-profile hiccups a few years ago that included an FBI raid and ultimately led to a bankruptcy filing, uBiome saw its founders run into more trouble Thursday: securities fraud.
The SEC charged Jessica Richman and Zachary Apte, the co-founders of the poop-testing startup uBiome, with defrauding investors out of $60 million through misleading statements and false representations of the company’s prospects. According to the SEC complaint, the charges stem from a 2018 Series C round valuing the company that once appointed ex-Novartis CEO Joe Jimenez to its board at nearly $600 million.
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