SEC charges former ‘Outcome Health’ execs with major fraud

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CHICAGO (Diya TV)  — The Securities and Exchange Commission is charging four former executives of Chicago-based Outcome Health, formerly known as ContextMedia, with fraud for raising $487 million by falsely portraying the company as an overwhelming success. The complaint alleges the healthcare advertising company’s former executives, CEO Rishi Shah, President Shradha Agarwal, CFO Brad Purdy, and Executive VP Ashik Desai led a scheme to bill clients for full ad campaigns when only some ads were placed. The company raised money from the likes of Goldman Sachs.

Anil Raj, an Indian American from Saratoga, California, who was working with the United Nations Development Program, was killed in Kabul, Afghanistan when the vehicle he was traveling in was attacked. Secretary of State Mike Pompeo announced Raj’s death at a press briefing, where he also discussed the 26/11 attacks on Mumbai, saying “it is an affront to the victims and their families that those who planned the Mumbai attack still have not been convicted.”

Ravi Kapur contributed to this report.