Lab owner pleads guilty to faking COVID test results during pandemic

Enlarge / Residents line up for COVID-19 testing on November 30, 2020 in Chicago. (credit: Getty | Scott Olson)

The co-owner of a Chicago-based lab has pleaded guilty for his role in a COVID testing scam that raked in millions—which he used to buy stocks, cryptocurrency, and several luxury cars while still squirreling away over $6 million in his personal bank account.

Zishan Alvi, 45, of Inverness, Illinois, co-owned LabElite, which federal prosecutors say billed the federal...