New Report: Ramaswamy's "Pump and Dump" Alzheimer's Scam Hurts Ohioans

Vivek Ramaswamy wants Ohioans to believe he’s a business success story.

Share

But new reporting raises serious questions about the “pump and dump” deal that helped make him rich: a failed Alzheimer’s drug, manipulated data, enormous pension losses — and millions for Ramaswamy.

Here’s what happened:

In 2014, Ramaswamy’s company acquired the rights to an Alzheimer’s drug from GlaxoSmithKline for just $5 million.

The problem? The drug had already failed multiple clinical trials.

Then Ramaswamy brought in his own mother to help manipulate the data.

That manipulation purported to find something the previous trials hadn’t: signs that the drug might actually work. Ramaswamy took that story to patients and investors — touting a drug that could potentially “help millions” and promoting its enormous potential.

The hype worked. The company went public in a massive $1.4 billion IPO. Investors poured in money.

But when the drug finally underwent a Phase 3 clinical trial, truth caught up with the hype: It failed.

By then, Ramaswamy had already cashed out through a private $1.1B SoftBank deal. Weeks later, the Phase 3 results became public. The stock plunged roughly 70% in a single day. Alzheimer’s families were left with another failed treatment.

Ramaswamy walked away with millions.

That deal helped propel Ramaswamy to extraordinary wealth. Now he’s selling Ohioans another set of lies with a pattern that looks familiar: hype, promises and self-enrichment while other people bear the consequences.

Ohioans don’t want this scam artist anywhere near the governor’s office.

Details here:

Share