Silicon Valley CEO gets 8-year prison sentence in case over blood-testing company that gives off Elizabeth Holmes-Theranos vibes

Thu, 10/19/2023 - 13:44

Schena claimed that his Sunnyvale, California based company, Arrayit Corporation, was the only laboratory in the world that had "revolutionary microarray technology."
Jonathan Clark

The CEO of medical testing company Arrayit was sentenced to 8 years in prison on Wednesday.
He was found guilty of defrauding investors last year, claiming the company's blood tests could test for any disease.
Schena's case is similar to Elizabeth Holmes', who was sentenced to prison for defrauding investors in Theranos.

A Silicon Valley executive who lied to investors about inventing technology that tested for allergies and COVID-19 using only a few drops of blood was sentenced Wednesday to eight years in prison and ordered to pay $24 million in restitution, federal prosecutors said.