Accusations of fraud in Outcome Health’s $487.5 million fundraising earlier in the year were made in lawsuits against the company by a group of investors that included Goldman Sachs, Alphabet, and Governor Pritzker’s firm.
Rishi Shah launched Outcome Health in 2006 to transform medical advertising to creatively use ad placements to close the communication gap between patients and healthcare professionals. But later, using false information and phony data, Mr. Shah, his co-founder Shradha Agrawal, and chief financial officer Brad Purdy carried out a massive fraud operation against lenders, investors, and clients. They presented an image of revenue growth that was exponential and deceived people into investing more money.
Shah’s growing riches were revealed by reports highlighting his extravagant lifestyle, which included exotic travel on private jets and yachts and the acquisition of a $10 million house!
Thanks to the Wall Street Journal media, these fraudulent actions were revealed in 2017. In the recent verdict, District Judge Durkin gave Ms. Agarwal a sentence of three years in a halfway house, while Mr. Purdy received a sentence of two years and three months in prison. Mastermind Shah has been sentenced to 7 and a half years in prison.
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