Emergency Pod! uBiome: Anatomy of an Alleged Fraud with Wall Street Journal reporter Amy Dockser Marcus | E1192
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 31 March 2021
⏱️ 51 minutes
🧾️ Download transcript
Summary
Check out Amy's work at the WSJ: https://www.wsj.com/news/author/amy-dockser-marcus
FOLLOW Amy: https://twitter.com/AmyDMarcus
FOLLOW Jason: https://linktr.ee/calacanis
Transcript
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| 0:00.0 | Hey, everybody. It's another emergency podcast here on this week in startups. And this one is |
| 0:04.8 | a doozy. We're talking verinose level alleged fraud two former co executives at the now bankrupt |
| 0:12.6 | lab testing startup you biome were charged with health care and securities fraud among many other |
| 0:18.7 | offenses in a 33 page indictment that dropped by a federal grand jury in San Francisco recently. |
| 0:24.8 | They've allegedly, I'm going to say allegedly a bunch of times here, misled investors about their |
| 0:29.0 | revenue numbers while cashing out $12 million in secondary. That's when the founders sell shares |
| 0:34.5 | to investors. They filed fraudulent reimbursement claims allegedly with insurers for lab tests that |
| 0:40.1 | weren't validated or necessary for patients. That's a big no no. And they submitted fake chart notes |
| 0:46.2 | from doctors to justify the test when insurers question their validity allegedly. This is a total |
| 0:53.1 | show. And this is I think sadly another verinose very interesting parallels between those two |
| 1:00.3 | including the fact that the Wall Street Journal was on the story first. And we have one of the |
| 1:04.7 | journalists who were covering you biome to sort this all out with us stick with us. |
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| 2:08.4 | All right, Amy Doxer. Marcus is here. She is a health and science reporter for the Wall Street |
| 2:14.4 | Journal. And they've done once again, incredible reporting. Really love the journals investigative |
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