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SEC closes case on multi-million dollar healthcare investment fraud

Patient being examined with tech
Scheme promised returns from medical tech that did not exist. Photo: Brooks Kraft LLC/Corbis via Getty Images

Vlada Gurvich

5 min read
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The SEC secured over $17m in penalties against defendants who ran a fraudulent medical device investment scheme.

In a sweeping final judgement issued on February 20, 2025, the SEC brought a complex, multimillion-dollar medical device fraud to its legal conclusion.

The ruling mandates over $17m in financial penalties and disgorgement from four individuals, Zachari and Susann Cargnino of Michigan and Gary and Julie Youssef of California, along with six

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