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Forbes’s March 4, 2025 investigation raised questions about the business, education, nonprofit and investment claims associated with Justin Fulcher, whom it described as a Pentagon DOGE official. It reported records and interviews that complicate a successful-founder narrative, but it did not establish that Fulcher committed fraud or wrongdoing. Forbes also could not determine his exact connection to DOGE or whether he held a security clearance.
What the Forbes investigation examined
David Jeans’s Forbes investigation, published March 4, 2025, examined Fulcher’s reported Pentagon DOGE role and his earlier business and public-facing claims. The article juxtaposed company records, interviews, institutional responses and Fulcher’s own statements. The resulting questions are not, by themselves, proof of deception or criminal conduct.
The distinction matters in an accountability story: a filing or school response is different from a self-described credential, a lawsuit allegation is not a court finding, and an announced project is not evidence of a completed investment.
What Forbes reported about RingMD
Forbes reported that Fulcher had been associated with Singapore-based telehealth startup RingMD, which raised more than $10 million before, according to the publication, running out of money, stopping employee payments and going bankrupt in 2018. Forbes said this account drew on Singapore filings and interviews with six former employees.
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Forbes also reported that Fulcher relaunched RingMD in the United States. In December 2024, Ben Harvey sued the company, alleging that Fulcher owed him more than $500,000. That figure is Harvey’s claim as reported by Forbes, not an adjudicated debt. Forbes said RingMD had not responded to the lawsuit by the time the article was published.
What the education records showed
Forbes reported that Fulcher received a master’s degree in 2023 from the Middlebury Institute of International Studies at Monterey. The article also examined a LinkedIn profile that listed a doctorate from Johns Hopkins School of Advanced International Studies (SAIS). John Bates, who oversees student records at Johns Hopkins, told Forbes, “we have no record of this individual as a student.” Forbes reported that the profile was later updated to describe the doctorate as “in progress.”
One of Fulcher’s Middlebury Institute professors, Jason Blazakis, described him to Forbes as “a bright guy, hard worker.” That positive assessment and the Johns Hopkins response address different questions: a professor’s view of a student does not verify a separate degree claim.
What was—and was not—established about the Palmetto Initiative
Forbes reported that the Palmetto Initiative described itself as a 501(c)(3) public charity, but that its identification number did not match IRS records. Separately, Shannon Wiley, general counsel for the South Carolina Secretary of State’s office, told Forbes the organization was incorporated as a nonprofit but “has not registered to solicit charitable funds in the state of South Carolina.”
These are distinct legal and administrative questions. Nonprofit incorporation in South Carolina does not, on its own, establish federal tax-exempt status, and the state’s fundraising-registration status is a separate matter. The Forbes reporting does not support treating any one of these facts as proof of the others.
The manufacturing project was announced, not verified as completed
At the 2023 APEC CEO Summit, Fulcher announced a proposed advanced manufacturing facility in South Carolina with Pasaca Capital. He described its estimated investment value as “$500 million,” adding, “this ambitious figure transcends mere statistics.” Forbes found no public project announcement beyond the event and quoted the event organizer as saying its connection was limited to providing the stage.
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The $500 million figure was an estimate Fulcher gave for a proposal, not a verified amount invested or evidence that a facility was funded or built. Forbes’s account does not establish what happened to the project after publication.
What Forbes said about DOGE and Pentagon savings
Forbes reported that the Pentagon was considering up to $50 billion in prospective cuts. That planning figure is not evidence that the department realized savings. Pentagon chief spokesperson Sean Parnell told Forbes DOGE was “working hand-in-glove with DOGE” and said identified programs would “probably save $80 million in wasteful spending.” The $80 million was Parnell’s estimate, not an audited or confirmed saving in the article.
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Most importantly, Forbes said it could not determine Fulcher’s exact connection to the DOGE team or whether he had a security clearance. The publication reported that Fulcher did not respond to multiple requests for comment; the Pentagon declined comment and referred Forbes to DOGE, and the White House declined comment.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the claims without conflating them
- Company history: Forbes’s reporting on RingMD draws on filings and former employees; the lawsuit figure remains an allegation unless established in court.
- Education: A LinkedIn claim and a university records response are not the same kind of evidence; the article reports both and the subsequent profile update.
- Nonprofit status: Incorporation, federal tax exemption and state registration to solicit donations are separate issues.
- Investment: An event-stage announcement and an estimated value do not demonstrate funding, construction or operation.
- Government role and savings: The article leaves Fulcher’s precise DOGE connection and clearance unresolved; prospective cuts and a spokesperson’s estimate are not verified savings.
Forbes also reported, from Federal Election Commission records, that Fulcher had made almost $40,000 in political donations since 2020. That figure describes donations in the records as presented by the publication; it does not resolve the separate questions about his businesses or government role.
What remains unknown
The March 4, 2025 article does not verify developments after publication, including any later outcome in the Harvey lawsuit, whether the South Carolina project proceeded, or Fulcher’s current role. Its reporting supports a careful account of documented records, attributed claims and unanswered questions—not a categorical conclusion about misconduct.
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