Bad Magic | The Closing Bell | S4-E4

Summary

Dr. Death – “Bad Magic | The Closing Bell” (Season 4, Episode 4)

Podcast: Dr. Death
Host: Laura Beale
Release Date: February 5, 2024

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Episode Overview

In “The Closing Bell,” Dr. Death delves into the meteoric rise and eventual unraveling of Serhat Gumrukcu, a charismatic yet enigmatic scientist behind the biotech company Enochian Biosciences. While the company ascends to a $600 million valuation and claims groundbreaking treatments for cancer and HIV, a team of skeptical investigators digs into Serhat’s shocking and secretive past—including fraud, questionable medical ethics, and eventually, a murder-for-hire charge. This episode explores how charisma, ambition, and a broken system combined to shield deception, until the truth finally broke through.

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Key Discussion Points & Insights

1. The Rise of Enochian Biosciences and Serhat Gumrukcu

• Nasdaq Debut & Celebration (03:26 – 06:00):
  • Enochian Biosciences’ logo flashes in Times Square as they ring the Nasdaq closing bell, marking their status as a publicly traded company.
  • Serhat Gumrukcu, company founder and self-proclaimed scientific genius, is at the center of celebrations, with aspirations to “cure HIV and AIDS, and cancers” (05:25).
• Corporate Success on the Outside (04:26 – 07:00):
  • Less than half a percent of US companies are publicly listed; Enochian’s valuation soars to $600 million.
  • The board’s approval of Serhat’s lavish security expenses ($800,000/year) signals their belief in his perceived value.

2. Early Red Flags and Internal Doubts

• Doubts from Within (05:45 – 08:38):
  • A senior executive and board members question Serhat’s extravagant claims, such as fluency in nine languages (05:45).
  • Enochian’s CFO raises concerns over security costs but is placated.
  • Dr. Mark Dybul, a high-profile CEO and scientific advisor, remains Serhat’s champion, even defending Serhat’s online listing as an expert in “paranormal psychology” (07:37).
• The “Unconventional Genius” Narrative (07:45 – 08:38):
  • Dybul publicly compares Serhat to Einstein and Bill Gates, bolstering Serhat’s credibility with the quote:

    “He was an unconventional genius, one like Einstein or Bill Gates.” — Dr. Mark Dybul [07:37]

  • Dybul writes a glowing letter supporting Serhat’s application to Turkish authorities despite fraud allegations.

3. A Parallel Clinic and Exploitation of Families

• Seraph Clinic and International Clientele (12:20 – 14:38):
  • Serhat quietly opens a clinic in LA, attracting patients—especially parents of terminally ill children—through word of mouth and international press (especially Denmark).
  • Danish National Public Radio and prominent physicians find no evidence of valid, published scientific work backing treatments; families are being “exploited and fed false hope” (13:25).
• Pattern of Behavior (15:18 – 15:57):
  • Substances not approved by FDA used on terminally ill patients for huge sums, echoing previous incidents in the US and Turkey.

4. The Hindenburg Investigation

• Obsession and Mounting Evidence (14:38 – 16:28):
  • Hindenburg Research’s team, including Thomas and Robert, become consumed by the Serhat case as evidence mounts.
  • They uncover Serhat’s magician background, lack of medical qualifications, and patterns of fraud.
• Legal Pushback (17:05 – 18:40):
  • Hindenburg receives a legal threat from Serhat’s attorneys:

    “This letter serves as advance warning that should you fail to cease and desist and will publish an article about Dr. Gunruchu, we have been authorized to file suit immediately…” — Letter to Thomas [17:05]

  • Thomas fears for his own safety and stability, but their boss Nate is unfazed:

    “Wow, that's a great letter. Congratulations. It’s like, good. We must be onto something…” — Nate, Head of Hindenburg [18:40]

5. The Shocking Turn—Murder for Hire

• Serhat's Arrest and Murder-for-Hire Reveal (22:00 – 27:00):
  • Out of nowhere, the team learns Serhat has been arrested for the 2018 murder-for-hire of Greg Davis, a failed business partner (24:09).
  • Hindenburg researchers scramble to verify details, stunned by the twist. Thomas describes the sudden shock:

    “We know everything there is to know about this guy. And we had no clue that he was capable of something like this.” — Robert [28:06]

• Investigative Findings (25:03 – 28:06):
  • Details emerge of the convoluted path law enforcement followed: tracing cars, fake 911 calls, phone records, and connections leading to Serhat’s childhood friend—connecting dots between business and the murder.

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Notable Quotes & Memorable Moments

• On Serhat's Persona:

  “He is a rare genius who has tremendous potential to advance science and human development in a historical way… I provide this strongest of recommendations freely…” — Dr. Mark Dybul, Letter of Support (10:40)

• Hindenburg's Dilemma:

  “The more I dig, the more bad stuff we find.” — Robert, Hindenburg Researcher [14:57]

• On Danger and Legal Threats:

  “I've had people put guns under my chin and to my head... but a big ass legal case is a different matter.” — Thomas, Hindenburg Researcher [18:01]

• Obsessive Investigation:

  “I want to know everything about him because it seems like the more I dig, the more bad stuff we find.” — Robert, Hindenburg Researcher [14:57]

• Aftermath Reaction:

  “All hell was about to break loose.” — Laura Beale, on fallout after arrest [28:22]

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Timestamps for Important Segments

• 03:26 – 06:00: Enochian’s Nasdaq debut and celebration
• 07:25 – 08:38: Dr. Mark Dybul’s defense of Serhat and the “genius” narrative
• 12:20 – 14:38: Seraph clinic and Danish reporting
• 14:38 – 16:28: Hindenburg’s obsessive investigation
• 17:05 – 18:40: Legal threats and team reaction
• 22:00 – 25:03: Breaking news—Serhat’s arrest for murder-for-hire
• 25:03 – 27:00: Detailed unraveling of the murder investigation
• 28:06 – 28:22: The team’s shocked realization

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Episode Tone and Language

The episode maintains a compelling, investigative tone—balancing analytical insight with a sense of mounting suspense and disbelief. Laura Beale acts as both storyteller and guide, while members of Hindenburg Research bring in a tone of obsession, urgency, and dark curiosity. Notably, the show uses direct, clear language and candid reflections from all voices involved.

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Summary Takeaway

Episode 4 of Dr. Death’s “Bad Magic” season exposes how Enochian Biosciences—at first an alluring scientific hope—turns out to be fueled by illusion, charisma, and systemic failings. The shocking arrest of company founder Serhat Gumrukcu for a murder-for-hire plot flips the story from medical scandal to true crime—demonstrating just how far deception can go before justice intervenes.

Transcript

[Laura Beale]

It was a freezing night in January of 2018. A car pulled over on a quiet stretch of road in northeastern Vermont. Inside was Jerry Banks, the jail guard. He put the car in park and took a deep breath. Then he picked up his phone. He'd been preparing for this night for months. A neighbor of his back in Nevada, a man named Aaron Etheridge, had come to him with a job. Banks did, a reconnaissance mission and figured it was going to be more complicated than he thought. So he upped his fee. And now here he was. Banks pulled a ski mask with a US Marshal's insignia on it down over his face, then turned on police lights on the dashboard of his white Ford Explorer and drove a short distance down the road to the house of Greg Davis. The day after Davis's body was found, a state trooper was on patrol just outside Alma, Kansas, when he noticed a vehicle stray from its lane. He turned on his lights and pulled it over a white Ford Explorer. It was a little after 2pm on an overcast winter day. As the trooper approached the vehicle, he noticed the back seat was folded down and a mattress spread over the back of the car. Jerry Banks had been driving for over 24 hours since the murder. He was exhausted and, according to the trooper's report, acting extremely nervous. The officer peered inside the truck and saw what appeared to be law enforcement equipment, including a bulletproof vest and a gun. He looked Jerry Banks up and down, But then sent him on his way. Four days later, Enochian Biosciences was born and Serhatgam Rukchu was on track to be worth millions. But soon there would be more than a state trooper asking questions.

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[Laura Beale]

From Wondery. I'm Laura Beale and this is Dr. Bad Magic. This is episode four the closing bell. It was December of 2018, almost a year after Greg Davis body was found. There'd been no arrests in the media, the case seemed all but forgotten. Meanwhile, in New York's Times Square, a giant Jumbotron was broadcasting nasdaq's closing Bell ceremony. There, surrounded by advertisements for TV shows, perfumes and mobile phones, Enochian's logo flashed up on the screen.

[Nasdaq Announcer]

Nasdaq is delighted to be your partner and we look forward to supporting Nokian Biosciences as you continue to grow as a Nasdaq listed company.

[Laura Beale]

Less than half a percentage point of companies in the United States are listed on a major stock exchange. Enochian Biosciences would soon be valued at $600 million. Trading on NASDAQ would also meant Enochian could raise the kind of capital they needed to fund their cutting edge science. The possibilities seemed endless.

[Nasdaq Host]

I would like rene Sinlev, Chairman, Dr. Sehrad Gumroku, Scientific Founder, and Mark Dubel, Dr. Mark Dubel to join me to ring that bell together as a team.

[Laura Beale]

Serhat walked on stage wearing a slim black suit and skinny gray tie. He stood next to one of enochian's scientific advisors, Dr. Mark Deibel, a slight man with thinning blonde hair. On the other side stood the chairman, Rene Sendlev, tall with a pocket square and shiny buttons on his dark suit.

[Nasdaq Announcer]

I know it's been a long journey. You're here. So many new things to come with the recent merger and hopefully great data on HIV and AIDS that you're looking to cure and the cancers as well. We look forward to you to come back and celebrate many more milestones. Congratulations.

[Laura Beale]

As Serhat pressed down on the button triggering the closing bell, a boyish grin appeared on his face. According to Thomas, the Hindenburg researcher, there were some at Enochian who raised questions about their star scientist. One senior executive Thomas spoke with said he became suspicious of several of Serhat's claims. There were small things like once he tried striking up a conversation with Serhat in one of the nine languages he'd boasted about speaking. But Serhat just looked back at him with incomprehension. And then there were more serious things. According to court documents, Enochian's chief financial officer brought concerns about Sarah to the board. His security detail was costing the company nearly $800,000 a year. When asked about the security detail, Enochian responded. The board of directors reviewed the security arrangements for Gumrukchu on several occasions and concluded that they were in the best interests of the company. But from the outside, Enochian was going from strength to strength. In 2021, the board brought in a new CEO, Dr. Mark Dibel. He'd previously been one of the company's scientific advisors. For Robert at Hindenburg, Dibel was one of the biggest mysteries of all. What did he see in Serhat?

[Robert (Hindenburg Researcher)]

You know, he's like this Georgetown doctor professor. He's worked in like high ranking government related healthcare positions for years. This guy is super pedigreed.

[Laura Beale]

Dybel defended Serhat even about things that might have raised eyebrows. In January 2020, a journalist from Medwatch, a pharma industry news outlet, asked Dybel about the fact that Serhat was listed online as an expert in paranormal psychology. Dybel said he saw nothing wrong with it. Personally, I think it's fantastic. He admitted that Serhat had an unorthodox research approach, but said he was an unconventional genius, one like Einstein or Bill Gates. And Dibel's opinion had weight.

[Narrator/Analyst]

An esteemed lecturer at Georgetown who works at Nah, like a protege of Fauci, and this guy was singing his praises. So, you know, this is clearly someone who merits the kind of praise from well respected doctors. And so I think people would buy into this story that he was a once in a generation genius.

[Laura Beale]

Still, Deibel did face some concerning questions about Serhat. In January of 2020, MedWatch asked him about Sarah Hut's use of mistletoe and Laetril to treat cancer patients, something which the FDA had not approved. Deibel emphasized that Cerhat was at no time employed by Enochian Biosciences and that the science Enochian was licensing from him was separate. None of these licenses have any relation to your line of questioning. Within months, Deibel's description of Serhat as a quote rare genius had disappeared from the Enochian website. Dybal was walking a tightrope. Sometimes he was Serhat's biggest advocate, sometimes not. In late 2020, Serhat wrote to the Turkish court to try and clear his name for the fraud case that had led him to flee the country to the 8th High Criminal Court of Istanbul. I do not accept at all any of the allegations about me. My intention was not at all committing fraud. It was only about helping. The submission came with a letter of support from Mark Dibel. Deibel says he wrote the letter to support a citizenship application and was not aware that Serhat was using it in a criminal case. The letter made Serhat sound like an incredible scientific luminary. I have been privileged to know Nobel laureates, leaders of industry and philanthropy, including Bill Gates, heads of state and government, among others. Dr. Gamrupchu rises to the top of that group. He is a rare genius who has tremendous potential to advance science and human development in a historical way. The letter went on. Dr. Gumrupchu is somewhat unique among the scientific geniuses I have met. He is deeply compassionate, empathetic and approachable. He is an exceptional leader. His science emanates from his deep commitment to serve people who suffer from incurable and untreatable diseases. He has the potential to contribute greatly to scientific discoveries, education, job creation and philanthropy. I provide this strongest of recommendations freely, without any mental reservation or purpose of evasion. Respectfully, the Honorable Mark Dull, M.D.

[Jerm (YouTuber)]

Yo, what is going on YouTube? I am Jerm here. As you guys can see up on the screen today, I wanted to talk about Enochian biosciences. It's up 54% still.

[Laura Beale]

And that means on June 14, 2021, Enochian Biosciences made a big announcement. Cerhat's HIV therapy had taken its first step towards FDA approval.

[Jerm (YouTuber)]

An amazing, crazy, crazy big day for Enob.

[Laura Beale]

And in this video today, that morning, the stock opened at more than double the previous day's closing price. The value of Sarah stock briefly soared to more than $100 million. The announcement didn't give many details and truthfully, there was still a very long way to go before the treatment could be greenlit for patients. But the stock market was eating it up.

[Jerm (YouTuber)]

Groundbreaking would be so great for the world, for humanity, but also be very, very great for this company as well and the hype surrounding it.

[Laura Beale]

But Serhot didn't seem to have been content with just founding a biotech firm. A few months after Enochian was formed, he helped open a new clinic offering treatments directly to patients. The clinic was named Seraph, after the highest rank of angels. It was located in LA in a sleek office tower with tinted windows. But he kept it low key.

[Narrator/Analyst]

There are no ads that we found, no evidence that he ever tried to go kind of mainstream with this. He didn't buy those kind of late night infomercials about any of these sorts of things. And I think he just tried to somewhat fly under the radar.

[Laura Beale]

It seemed clients were finding out about Saroff's supposed cures via word of mouth. That's where Zeb's friend Jeffrey got his treatment. Patients also traveled to Los Angeles from all over the world.

[Narrator/Analyst]

One area where Sirhat kept coming up was in the Danish press. He had developed a sort of market niche with Danish parents of terminally ill children.

[Laura Beale]

Soon enough, the clinic caught the attention of Danish National Public Radio. The broadcaster asked several prominent doctors to review the treatments of the children. The first thing one of the doctors noticed was the sheer number of therapies they offered. It seemed like a lot for a small clinic with a fairly modest staff. The Danish reporting found that some of these therapies were only available through experimental studies. But they couldn't find that Serhat's lab participated in any formal clinical trials. The clinic's website said he'd published in prominent medical journals. But the doctors couldn't find the actual articles. They concluded that there was no evidence that the treatment worked and that families with terminally ill children were being exploited and fed false hope. As Robert digested the reports, he realized that journalists had already raised questions about Serhat. And yet Enochian was still riding high.

[Robert (Hindenburg Researcher)]

You know, this eccentric founder was in la, and it just seemed weird that all these articles that had come out in Denmark, how has this not reached the us?

[Laura Beale]

Several months into their investigation, Robert was becoming more and more consumed by his work and by Serhat himself.

[Robert (Hindenburg Researcher)]

We've been researching this guy for months. He has become an obsession of mine. I'm doing, you know, all day at work, I'm coming home. I'm still researching this guy. I'm going through all his social media. I'm looking at all of his friends. I want to know everything about him, because it seems like the more I dig, the more bad stuff we find.

[Laura Beale]

What was happening at the clinic resembled the treatment Sarah had had done on a cancer patient in Pennsylvania back in 2015.

[Robert (Hindenburg Researcher)]

And he was charging obscene amounts for them. The whole thing's just really sad. And of course, they didn't work.

[Laura Beale]

The Pennsylvania family had paid hundreds of thousands of dollars, and in that instance, their son had been treated by a substance the FDA had not approved for use against cancer or any other medical condition. The case in Turkey followed the same pattern, too. A terminally ill patient, questionable treatment, huge cost.

[Robert (Hindenburg Researcher)]

How many other people is he doing this to?

[Laura Beale]

Robert had never seen anything like this before.

[Robert (Hindenburg Researcher)]

It was just like, oh, my God, is this real? Like, does this guy. Has he actually been pulling this off for, like, two decades? And he's like some kid from Turkey who's hanging out with celebrities and, like, just. It was just like, unbelievable. And also like, someone needs to stop this guy because he's treating like children.

[Laura Beale]

The team at Hindenburg had helped uncover Serhat's past as a magician, his lack of medical qualifications, and his history of fraud in turkey and the U.S. it was a potentially explosive set of discoveries. Up until now, they'd been trying to tread carefully so as not to tip Serhat off to their investigation. Thomas had done his best to make sure it stayed that way. But In March of 2022, an email landed in his inbox from a law firm in Los Angeles.

[Thomas (Hindenburg Researcher)]

We'd already been weeks digging into this case, and it starts off, dear Mr. This law firm represents Dr. Serhat Gumruchu We've received information from multiple sources of your apparent effort to publish a defamatory attack piece against Dr. Gumruchu. We have also received reports of your harassment of Seraph Medical's former patients and associates of Dr. Gumruchu and their family members. This letter serves as advance warning that should you fail to cease and desist and will publish an article about Dr. Gunruchu, we have been authorized to file suit immediately against you. That's just the first paragraph.

[Laura Beale]

Thomas felt like the letter wasn't just a warning to Hindenburg, but to him personally.

[Thomas (Hindenburg Researcher)]

I've had people put guns under my chin and to my head. I've had people shooting at me. We've been in danger, dangerous situations. But a big ass legal case is a different matter. It's will I lose my house? Will I lose my savings? How far will they go?

[Laura Beale]

He worried about what Nate would say.

[Thomas (Hindenburg Researcher)]

You know, I fire off the letter to the boss with profuse apologies that I've attracted this unwanted attention.

[Laura Beale]

Thomas waited by his computer, but Nate's response was surprising.

[Thomas (Hindenburg Researcher)]

Wow, that's a great letter. Congratulations. It's like, good. We must be onto something because that was the old school way of journalists before, if somebody pulled a gun and put it to your head, if somebody phoned you up and made a death threat to you or served a lawsuit against you, it's like, carry on digging, you're onto the right path.

[Laura Beale]

Even as Thomas and the rest of the Hindenburg team got closer to publishing their findings on Serhat, they had no idea that another team of investigators were also on his trail. And they were about to upend everything Thomas thought he knew.

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[Laura Beale]

On May 25, 2022, Nate woke to a cloudy day. The Hindenburg team had been going hard for more than half a year at this point, and their report on Serhat Gamrukshu was nearly done. Over that same time, they'd also been taking a short position or betting against Enochian stock. If Enochian's share price dropped after their report came out, they'd get paid handsomely. But it was risky too.

[Narrator/Analyst]

You are often standing alone against management, the company lawyers, investment banks, and all our well resourced supporters. And they'll often say or do just about anything to make a stock go up. So sometimes, even if you present damning facts, the market just doesn't notice or care. Or the stock can go up anyway.

[Laura Beale]

If the stock was to go up, things could get bad for Hindenburg very quickly.

[Narrator/Analyst]

You can lose 10 times your money.

[Laura Beale]

The whole Hindenburg team had been working tirelessly to make sure they were right about Enochian's scientific founder, Thomas the researcher felt like he'd earned a day off.

[Thomas (Hindenburg Researcher)]

I'd gone to the city and thought, hey, I'm just gonna hang out in a terrace cafe, take in some spring sunshine, drink a coffee on the sidewalk. You know, just do the kind of things that normal people with a few Free hours on their hand kind of do.

[Laura Beale]

He settled into a seat and tilted his head back. The warm sun on his face felt good. But then an alert came on his phone at the same time his colleague Robert was just starting his day. He got the same alert.

[Robert (Hindenburg Researcher)]

I see from Nate a message that just says guys all in capital letters. And I'm like, oh man, this is going to be good.

[Laura Beale]

It was a link to a press release. The office of the United States Attorney for the District of Vermont stated that Sirhat Kamrukchu, 39, of Los Angeles, California and Burke Eritre, 35 of Las Vegas, Nevada were arrested.

[Narrator/Analyst]

We saw a DOJ alert that Serhat Gumrooku and other co conspirators had been arrested for murder in a murder for hire plot.

[Laura Beale]

Serhat had been arrested in connection with the the death of Greg Davis, his former business partner in the failed oil deal. Nate could hardly believe what he was reading.

[Narrator/Analyst]

The first reaction was just to think like, is there another Sirha Gamruku?

[Laura Beale]

Half a year of research. But this had come out of nowhere.

[Thomas (Hindenburg Researcher)]

And so here we are and we're suddenly in absolute chase. Our tail mode. My phone hasn't got a charge. I've got problems with comms and everything else. Dump the coffee, go and find a cell phone store and just sit in there on the couch. Plug into their chargers and surfing their WI fi system.

[Laura Beale]

The team at Hindenburg rushed to find out what happened in 2018, in the days after Greg Davis, his body had been found in the snow. A detective in the Vermont State Police told the FBI they might want to take a listen to a 911 call that had come in on the same night that Davis was kidnapped. The caller told dispatch that he'd just shot his wife and he was getting ready to do the same thing to himself. He gave an address where police could find the bodies, 71772 Cross Road and Hung up. Very quickly, the local police realized there was something off about the call. There was no crossroad. The FBI traced the phone and found that it was purchased at a Walmart in Pennsylvania. Security footage showed a bearded man in his mid-30s walk out of the store and climb into a white Ford Explorer with no plates visible. It wasn't much to go on. Investigators sifted through more than 17,000 vehicles, sales and service records looking for a match. By February of 2020, two years after the murder, they had traced it back to a used car dealer in Denver. The salesman vaguely remembered the guy who bought it. He described him as a ghost. No Credit lived off the grid. A man named Jerry Banks. Investigators traced his call history and found that 24 hours after Greg Davis was abducted, Banks called a man named Aaron Etheridge. After that, Etheridge had called a former neighbor of his, a man living just off the Las Vegas strip named Burke Aratay. Now, the FBI hadn't just found their suspected hitman. They had a link to a possible motive too. Because Burke Arete was a childhood friend of a certain Turkish magician. A magician turned Biotech founder. On May 24, 2022, while waiting to board a flight to New York, Serhatkam Ruptu was arrested on murder for hire charges connected to the death of Greg Davis. Investigators had found the messages about the failed oil deal on Davis phone. Sarah had pled not guilty. Guilty. For the Hindenburg team, it had come out of nowhere. They knew the magician, the healer, the scientific genius, but alleged murderer.

[Robert (Hindenburg Researcher)]

And you got to keep in mind, we have been working on this for seven or eight months, day in and day out. We know everything there is to know about this guy. And we had no clue that he was capable of something like this.

[Laura Beale]

At Enochian Biotech, on Wall street, in Copenhagen and in West Hollywood, all hell was about to break loose. From Wondery. This is episode four of five of doctor Bad Magic. I'm your host, Laura Beale. This series is written by Benjamin Gray. Producer is Nikka Singh. Senior producer is Russell Finch. Story editor is Alison Weintraub. Senior editor is Rachel B. Doyle. Fact checking by Jacqueline Coletti. Additional reporting by Gulsin Harman. Production assistance by Mariah Dennis and Emily Locke. Sound design and mixing by by Kyle Randall. Senior managing producer is Lata Pandya. Coordinating producer is Heather Baloga. Produced by Storyforce. Music supervisor is Scott Velasquez for Frisson Sync. Special thanks to Nate Anderson and the staff at Hindenburg Research for use of their reporting. Executive producers are Bly Pagan Faust and Corey Shepard Stern. For Storyforce, our executive producers are George Lavender, Marshall Louie and Jen Sargent. For Wondery,

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