Former Outcome Health execs charged with fraud

Federal fraud charges were filed Monday against four former executives of Chicago-based Outcome Health.

The former executives are charged with lying about the company’s performance to raise $487 million in private equity, according to the Chicago Sun-Times. The charged executives include CEO Rishi Shah, President Shradha Agarwal, CFO Brad Purdy and Executive Vice President Ashik Desai.

They were accused of 26 counts of fraud in a criminal complaint unsealed Monday in U.S. District Court.

An attorney for Agarwal, who co-founded Outcome with Shah, released a statement asserting her innocence. “Ms. Agarwal denies the allegations made by the SEC and is focused on exonerating herself in court…”