There was gold in them thar hills of poop, or so the startup uBiome claimed.
The Security and Exchange Commission on Thursday charged the founders of uBiome, a bankrupt San Francisco-based company best known for its “gut explorer” home fecal sample kits and a 2012 crowdfunding campaign to (allegedly) map the human biome, with defrauding investors. This news follows the April 2019 FBI raid of uBiome’s office, and comes at the same time as criminal charges from the Department of Justice.
According to the SEC complaint, Jessica Richman, uBiome’s CEO, and Zachary Apte, uBiome’s chief scientific officer, lied about the financial strength of the company, and claimed it was “inventing the microbiome industry” and “making products that improve people’s lives.” Read more…
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