The Securities and Exchange Commission sued a Texas businessman and his companies for allegedly misappropriating $10.6 million in investor funds for personal expenses including luxury vehicles and strip club visits.
Sumit Rai and his companies—SVN Med LLC, NVS Med Inc., and Onco Filtration Inc.—raised over $26 million from more than 180 investors overall from 2019 to 2023, according to the SEC’s complaint filed Thursday in the US District Court for the District of Massachusetts.
The companies told investors they were developing a “cancer dialysis” device to filter tumor cells from patients’ blood.
Rai allegedly used investor funds as collateral for ...
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