Thread by @HindenburgRes

NEW FROM US: Miracle Cures and Murder For Hire–How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies

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hindenburgresearch.com/enochian $ENOB

Last week, $ENOB's co-founder, “scientific founder”, “inventor”, and largest shareholder, Serhat Gumrukcu, was arrested by Federal authorities over allegations that he conspired in a plot that resulted in the murder of a Vermont father of six.

The victim, Gregory Davis, was murdered 19 days before Gumrukcu was scheduled to appear in court to defend against felony fraud allegations related to a 2016 deal with Davis.

Prosecutors argued that the merger deal resulting in $ENOB going public was a key motive for the murder.

$ENOB, a biotech company with an entirely preclinical pipeline of claimed miracle cures, vaccines and treatments for HIV, Hepatitis, Cancer, and Covid, said last week Gumrukcu “has had no formal role in the Company” & that the incident was "completely unrelated to the Company”.

But our research and $ENOB's own disclosures indicate the company and its pipeline are completely dependent on Gumrukcu.

Every product $ENOB is investigating appears to have been licensed to it by Gumrukcu-controlled or affiliated entities or are otherwise based on his research.

Unbeknownst to investors (but known to $ENOB's senior leadership) Gumrukcu’s latest arrest for a murder conspiracy is simply the most recent in a string of alleged crimes by Gumrukcu.

Gumrukcu also faces charges in Turkey where, in 2012, he was arrested on accusations of falsely posing as a doctor & charging a desperate family $275k to treat a terminally ill cancer patient, who subsequently died, with substances a real oncologist later described as “useless.”

Gumrukcu fled Turkey despite an outstanding warrant & in 2015 sold his ‘miracle’ concoctions to the parents of a young boy who had terminal cancer. When the boy died after a $59k treatment, Gumrukcu refused to return the family's advanced payment of $253k resulting in litigation.

Then, in February 2017, Gumrukcu was arrested by authorities after the State of California accused him of a slew of white-collar crimes, including fraud, identity theft, and check kiting – a total of 14 felonies.

$ENOB hired Gumrukcu as a consultant to the company in April 2017, just 2 months after his arrest for the alleged crime spree.

Authorities in California told us that in 2018, Gumrukcu’s charges had been reduced to misdemeanors after he paid over $1M in restitution to victims.

Our research also indicates that $ENOB executives knew about Gumrukcu’s criminal history.

Mark Dybul, CEO of Enochian, wrote a glowing letter of recommendation to a Turkish criminal court on behalf of Gumrukcu.

Invoking his close friendship and mentee relationship with Dr. Anthony Fauci and his relationship with Bill Gates, $ENOB CEO Dybul called Gumrukcu a “rare genius” who had come up with platforms to cure HIV, hepatitis B, all strains of influenza, Zika, dengue fever, and COVID.

Dybul went on to write that Gumrukcu, who now stands accused of plotting the murder of a father of 6, is “deeply compassionate, empathetic and approachable” whose “science emanates from his deep commitment to serve people”.

In 2018, while on probation, Gumrukcu attended the NASDAQ bell ringing ceremony for $ENOB, likely with permission of the court or his probation officer to travel out of state.

“I knew that he had been charged for 14 (felony) counts” Chairman Rene Sindlev told us.

Despite this, $ENOB still announced intentions to acquire & take public a Gumrukcu-affiliated entity in 2018, describing Gumrukcu as the “sole inventor” of all of the acquired company’s tech

In the years since, $ENOB has awarded lucrative consulting and licensing contracts to entities controlled by Gumrukcu and his husband.

Enochian executives have repeatedly failed to disclose Gumrukcu's criminal activity to shareholders.

$ENOB's former CFO is currently in an undisclosed lawsuit with $ENOB's leadership, claiming he was fired for asking “critical questions” about “serious financial improprieties” & large payments to Gumrukcu & for questioning the co's close association w/ an accused felon.

Gumrukcu continued to sell unlicensed and unvetted “miracle” treatments to desperate parents of terminally ill children, bilking them of hundreds of thousands of dollars in their most vulnerable states.

His private practice office is located in the same building as $ENOB's HQ.

We have been unable to find any jurisdiction in which Gumrukcu is licensed as a medical doctor.

He is unlicensed in California, where he has apparently been practicing medicine anyway, and where he has claimed to have made all his major breakthroughs for $ENOB.

Gumrukcu claims to have spent 12+ years earning an M.D. and multiple PhDs in Russia and Turkey.

Our research indicates he made it all up. He has no medical degree and no PhDs.

His name does not appear in the official Russian national degree database.

The school he claimed to graduate from in Russia sent us a letter showing that he never enrolled.

Russian border control & police had no record of him ever having a Russian student visa or tourist visa

Instead, Gumrukcu looks to have purchased a fake Russian medical degree, a common problem in Russia, as reported by media.

As part of our research, we purchased a similar black market Russian medical degree from the same school and with the same claimed major, the same date, and the same “official” stamp as Gumrukcu’s.

The process was frighteningly easy.

Turkish criminal records show that Gumrukcu admitted to police that his highest level of education was a high school graduate, despite the arrest taking place after the period where Gumrukcu claimed to have already been a doctor.

Contrary to his claims, we learned of Gumrukcu's actual past by scouring old magic shops and second-hand bookstores in Turkey.

We found Gumrukcu was a local magician; with his stage name “Dr. No”, he studied and taught spoon-bending, firewalking, and performing as a mentalist.

Gumrukcu’s magic mentor shared grainy DVD recordings of Gumrukcu’s local performances that he found stored in a dusty cardboard box in the backroom of a magic shop.

The performances took place in Turkey at times when Gumrukcu would later claim to be in Russia studying medicine.

Based on our investigation, we strongly believe that Gumrukcu’s education credentials are entirely fabricated.

Consequently, we believe $ENOB's claimed scientific breakthroughs have been developed by a fake doctor with a long criminal rap sheet who now stands accused of murder.

Former employees have compared $ENOB to Theranos in the sense that no one can question Gumrukcu, with one saying, “there is no room in the company to have any doubt.”

Despite $ENOB's claims that scientists are still behind its research, many are backing away.

A cancer doctor Gumrukcu had claimed was his mentor told us a picture of him on the website for Gumrukcu’s research entity is fake: “I never wore a Seraph coat. It's a forgery.”

“I agree retrospectively I should have done some due-diligence”, said a world-renowned microbiologist who briefly served on $ENOB's Scientific Advisory Board, who was previously quoted by Enochian as being “blown away” by Gumrukcu’s “brilliant creativity”.

When we followed up with Piot and asked whether he had validated the science presented by Gumrukcu, he later wrote to us: “I have never validated anything, and they should not use my name."

Gumrukcu siphoned an estimated ~$20M from $ENOB through license agreements, consulting contracts & other transactions. Gumrukcu & his spouse own the largest stake in $ENOB, about 32% of the co, worth ~$90M as of this writing.

We expect he will sell to fund his legal expenses.

We think Gumrukcu is a lifelong con artist, who has catapulted himself from being a small-town Turkish magician to leading a publicly-traded, Nasdaq-listed medical research enterprise and fooling many along the way.

With its founder and source of scientific discoveries jailed on murder-for-hire allegations, cash-burning $ENOB, without peer-reviewed research and no genuine clinical prospects is now a “catch me if you can” story that has finally reached the end-phase.

hindenburgresearch.com/enochian/

Yesterday, $ENOB issued a brief response to our report. For the first time, the company stopped referring to Serhat Gumrukcu as a doctor, a tacit admission that he may have fabricated his medical credentials.

From a week ago compared to yesterday:

$ENOB said Gumrukcu has had no formal role with the company ever since it terminated his scientific advisory role all of a week ago, after it learned of his indictment in the alleged murder-for-hire plot.

Earlier, $ENOB's CEO Dybul gushed about him

Further, after repeatedly failing to respond to requests for comment on Gumrukcu’s active criminal case in Turkey, $ENOB falsely claimed it sent a response that we ignored.

We have sent a cease & desist and intend to file suit should it not correct its misstatement.

We have added our full response as an addendum to the bottom of our $ENOB report, found here: hindenburgresearch.com/enochian/