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Five Questions Vivek Ramaswamy Must Answer After Reporting Exposed Likely “Pump and Dump” Scam

Columbus, Ohio- Yesterday, reporting from Oligarch Watch exposed how Vivek Ramaswamy hired his mother to “manipulate” failed clinical trial data as part of a likely “pump and dump” scheme. 

Ramaswamy served as the “frontman” for a “dubious pharmaceutical company” and then “cashed out weeks before its dramatic crash.” He hired his own mother to manipulate the data and make an Alzheimer’s drug look promising despite a lack of clinical experience.

This new reporting raises serious questions that Vivek Ramaswamy must answer.

  1. Why did you promote a drug that repeatedly failed clinical trials?
  1. Why did you hire your mother to oversee clinical trial data manipulation when she had no prior experience as a clinical researcher?
  1. Will you apologize to people suffering from Alzheimer’s and their families?
  1. If you can’t even stop yourself from cheating your own investors, why should working families trust you won’t cheat them too?
  1. How can you expect Ohioans to vote for you knowing you’re a scam artist who was deeply involved in an apparent “pump and dump” scheme?

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WVXU: “Faber and Kulewicz are about as far apart on FirstEnergy as two candidates can possibly be”

COLUMBUS, OH – Ohioans continue to hear about how the FirstEnergy bribery scandal is “driving this year’s Ohio AG race” with analysis from WVXU emphasizing that “[Keith] Faber and [John] Kulewicz are about as far apart on FirstEnergy as two candidates can possibly be.” While “most Ohio politicians — not to mention millions of electric rate payers — would like to see one of the most embarrassing and costly episodes in the state’s 223-year history put to rest once and for all,” only Democratic candidate for Attorney General John Kulewicz has committed to continuing the FirstEnergy trial. Republican candidate for Attorney General Keith Faber, on the other hand, has been slammed as “tone deaf” for his “unconscionable” refusal to commit to continuing the case – and now he conveniently couldn’t be reached for comment.

“The contrast couldn’t be more clear – while Keith Faber has shown that he isn’t willing to commit to taking on the corruption that is raising Ohioans’ costs, John Kulewicz will hold bad actors accountable for ripping off Ohioans and raising costs for families,” said Ohio Democratic Party Communications Director Marisa Nahem. “With the next Attorney General overseeing the case in the largest public corruption scandal in state history, Ohioans know the stakes couldn’t be higher to elect John Kulewicz in November and put an end to Republicans’ culture of corruption in Columbus.”

Despite Keith Faber’s refusal to commit to continuing the case in the FirstEnergy bribery scheme that has contributed to electricity costs increasing by $663 a year, read more about how John Kulewicz is making clear that “the millions of Ohio ratepayers who were harmed by picking up the tab for what he called an illegal scheme, deserve an answer in a court of law:”

WVXU: Analysis: House Bill 6 bribery case is driving this year’s Ohio AG race

  • It was the largest bribery scandal in Ohio political history; most Ohio politicians — not to mention millions of electric rate payers — would like to see one of the most embarrassing and costly episodes in the state’s 223-year history put to rest once and for all.
  • Now, with a new attorney general to be chosen by Ohio voters in November, it’s an open question whether that trial will go forward or be dismissed and go away without resolution.
  • Regardless of whether the case goes to trial in January, the FirstEnergy scandal will be the central issue in the November election of a new Ohio Attorney General.
  • The Democratic candidate for AG is John J. Kulewicz, a former prosecutor from Franklin County. He told WVXU earlier this week that if he’s elected in November, he will sign on to a January trial.
  • Kulewicz said the millions of Ohio ratepayers who were harmed by picking up the tab for what he called an illegal scheme, deserve an answer in a court of law.
  • The Republican candidate for Ohio AG is Keith Faber, currently the state auditor and a former state representative from Celina.
  • Faber has a much different view of this.
  • We couldn’t reach him for comment, but he has been quoted by numerous news organizations as saying that he would want to consult with the current staff of the AG’s office before deciding whether to move forward with the case.
  • Faber and Kulewicz are about as far apart on FirstEnergy as two candidates can possibly be.

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NEW REPORT Exposes Ramaswamy “Pump and Dump” Scam: Billionaire Scam Artist Hired His Mother to Manipulate Failed Clinical Trial Data for Alzheimer’s Drug

Ramaswamy served as “frontman,” hired own mother to “massage data” to make“an estimated $260 million”

Columbus, Ohio — New reporting exposed how Vivek Ramaswamy hired his mother to “massage” failed clinical trial data as part of a likely pump-and-dump scheme.

As the investigation reveals, Ramaswamy served as “the frontman” for a “dubious pharmaceutical company” and “cashed out weeks before its dramatic crash.” He hired his own mother to manipulate data from failed clinical trials to make the drug look promising, despite her lack of clinical trial experience. Ramaswamy used his own mother’s analysis to scam his way into hundreds of millions of dollars.

“Vivek Ramaswamy’s multi-million dollar ‘pump and dump’ scam makes clear he will do anything to line his pockets, including hiring his own mother to manipulate clinical trial data for an Alzheimer’s drug that clearly didn’t work,” said Ohio Democratic Party spokeswoman Katie Seewer. “Whether it’s Alzheimer’s patients or hardworking Ohioans, Vivek Ramaswamy can’t be trusted to fight for them because he only cares about himself.”

READ MORE: How Vivek Ramaswamy’s mom manipulated Alzheimer’s data and made her son rich

  • Vivek Ramaswamy, a billionaire and the Republican nominee in Ohio’s gubernatorial race, served as the frontman for a dubious pharmaceutical company and then cashed out weeks before its dramatic crash.
  • In 2014, Ramaswamy founded Axovant, a company he used to buy the rights to an inauspicious Alzheimer’s drug that had repeatedly failed in clinical trials. Axovant then hired Ramaswamy’s mother, who, despite lacking relevant research experience, helped massage data from old clinical trials to make the drug appear more promising. The extent of the elder Ramaswamy’s role has not been previously reported.
  • In 2015, touting his mother’s reinterpretation of the data to potential investors and regulators, Ramaswamy led Axovant to a $1.4 billion initial public offering, the largest in biotech history at the time. He spent the ensuing two years promoting the drug intepirdine as a possible breakthrough for the millions of Americans who have Alzheimer’s disease.
  • Ramaswamy used his mother’s dubious math to help raise $315 million during Axovant’s $1.4 billion IPO, figures the company reached on no revenue.
  • Since winning the Republican nomination in the Ohio gubernatorial race, Ramaswamy has shied away from discussing his time in biotech, choosing instead to cast his business success story in more vague terms, noted David Niven, a political scientist at the University of Cincinnati.
  • The basic reality of how Ramaswamy ran Axovant, Niven added, “was heads I win and tails I also win, in terms of the outcomes of the trials or whether the drugs actually proved useful or not.” 

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Derek Merrin Refuses to Comment After Long Record of Supporting Data Center Tax Breaks

COLUMBUS, OH – The contrast between the candidates for Ohio’s 9th Congressional District could not be more clear as Congresswoman Marcy Kaptur demands that data centers be held accountable as they drain power resources and cause utility bills to skyrocket, while Republican Derek Merrin has voted in the statehouse to give data centers massive tax breaks. Now Merrin is refusing to comment when asked about his positions.

“While Ohioans continue to voice their concern about how data centers are hurting communities and forcing families to foot the bill for skyrocketing utility costs, Derek Merrin’s refusal to comment when asked about data centers is speaking volumes,” said Ohio Democratic Party Communications Director Marisa Nahem. “Ohioans want a leader who will lower their costs and hold data centers accountable – with his long record of voting for tax breaks for data centers and accepting donations from the very utility companies that are jacking up Ohioans’ energy bills, Derek Merrin is showing every day why Ohioans need Marcy Kaptur fighting for them in Congress.”

This is not the first time that Derek Merrin has refused to comment on data centers, after he voted in the statehouse to give data centers tax breaks. Merrin has also received campaign donations from AEP and other utility special interest groups.

Read more about the contrast between Marcy Kaptur’s resolve to make data centers pay their fair share and Derek Merrin’s refusal to comment:

Ohio Capital Journal: Ohio’s 9th Congressional district race: The candidates’ records on data centers

  • The race for Ohio’s 9th U.S. Congressional district is one of the state’s most closely contested, and the candidates have contrasting records and positions when it comes to data center development.
  • Derek Merrin, the Republican nominee and former state representative who is facing long-time Ohio Democratic U.S. Rep. Marcy Kaptur in the November election, voted for Ohio’s data center tax breaks when he was an Ohio state representative in 2017. Kaptur has spoken out against data centers for draining power and water from local communities, saying the companies should pay for that, not the citizens.
  • Merrin, who served four terms as an Ohio state representative for the Toledo district from 2016 to 2024, did not respond to the Ohio Capital Journal’s questions for this story.
  • Merrin received a $1,000 political donation from the American Electric Power Ohio Committee for Responsible Government in 2021. AEP had received more than $6 million in data center tax breaks in Ohio as of September 2024, according to Policy Matters Ohio. 
  • Merrin received a $500 political donation from Windstream Holdings’ PAC in 2022. That same year, Windstream Holdings listed eight “key data center locations” in Ohio. 
  • Kaptur raised concerns over data centers at the end of last year.
  • “How much more will our citizens be forced to pay for power and water?” Kaptur asked, speaking on the U.S. House floor. 
  • “They have a right to know. Will our building trades be true partners in economic growth or just temporary labor while facing higher utility bills at home? And how many permanent jobs will these largely opaque facilities actually provide? … The American people deserve to know how AI data centers will affect their communities.”

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NEW REPORTING: Jon Husted Continues To Remain At Center Of Largest Bribery Scandal In Ohio History

Columbus Dispatch: As energy prices soar, Ohio utility scandal gets new life on campaign trail

COLUMBUS, OHIO — New reporting from the Columbus Dispatch reveals that Jon Husted continues to remain at the center of the FirstEnergy bribery scheme, the largest public corruption scandal in Ohio history. 

Previous reporting has already uncovered phone calls, text messages, and secret meetings between Husted and the indicted FirstEnergy executives, and Husted was forced to testify for the defense in a state criminal trial — where he was mentioned 386 times.

The massive FirstEnergy bribery scheme that Jon Husted championed delivered a billion dollar bailout to utilities and contributed to electricity costs for Ohioans increasing by $663 a year. 

READ MORE: 

Columbus Dispatch: As energy prices soar, Ohio utility scandal gets new life on campaign trail

  • As Ohioans face soaring utility costs, candidates for U.S. Senate are jockeying over who’s to blame − and Democrats hope to turn voters’ attention to the biggest corruption scandal in state history.
  • Husted was a key ally for Akron-based FirstEnergy, which spent more than $60 million to aid former House Speaker Larry Householder in exchange for a nuclear bailout known as House Bill 6. The pay-to-pay scandal upended state government and sent Householder and former Ohio Republican Party chair Matt Borges to prison.
  • Still, Brown and other Democrats are eager to highlight the ordeal, including Husted’s recent testimony in the trial of two former FirstEnergy executives accused of bribery.
  • Husted has a decades-long history with FirstEnergy.
  • Husted backed pro-utility policies during his tenure as Ohio House speaker. When he ran for governor in 2017, FirstEnergy gave $1 million through a dark money group to support his bid. The utility spent another $2.5 million to help the DeWine campaign after Husted dropped out and became DeWine’s running mate.
  • Husted’s relationship with FirstEnergy got renewed attention earlier this year when he testified in the trial of former CEO Chuck Jones and ex-lobbyist Michael Dowling.
  • The former executives are accused of bribing Ohio’s former top utility regulator, Sam Randazzo. A Summit County jury couldn’t reach a verdict during their first trial, but Jones and Dowling were indicted again and face another trial in January 2027.
  • During a March hearing, Husted fielded questions about DeWine’s decision to appoint Randazzo and a December 2018 dinner he attended with DeWine, Jones and Dowling. Prosecutors contend Jones and Dowling urged DeWine to pick Randazzo during that meeting and paid Randazzo a $4.3 million bribe shortly after. Husted said he couldn’t recall specifics.
  • “Jon Husted was at the center of this,” [Senator Sherrod] Brown told the statehouse bureau. “Of course he’ll make excuses.”
  • House Bill 6 imposed monthly fees on utility customers to raise money for FirstEnergy’s nuclear plants, along with solar projects and coal plants in Ohio and Indiana. It also slashed renewable energy mandates and energy efficiency incentives.
  • Ohioans paid an average of $188.84 for electricity in July, according to PUCO, up from $168.98 the year prior. That amount was $114.90 in July 2019, months before House Bill 6 took effect. The biggest jump occurred between 2022 and 2023, when electric bills spiked 30%.

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