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erek
[H]F Junkie
- Joined
- Dec 19, 2005
- Messages
- 10,929
Ever been busted before?
“"This defendant admitted he lied about his company's revenue and customers to attract funding from investors, including many in Silicon Valley," US prosecuting attorney Ismail J. Ramsey said in the DOJ's statement. "Today's sentencing should send a message to other entrepreneurs who may be tempted to cross the line into fraud and to 'fake it until they make it.'"
"This Office is committed to protecting investors—including those whose capital powers the engines of innovation in Silicon Valley—from start-ups that misrepresent their finances and try to cut corners," Ramsey said.
Lachwani's fraudulent behavior highlights how private startups can keep information from their backers.
Representatives for Lachwani and HeadSpin did not immediately respond to a request for comment from Business Insider.”
Source: https://www.businessinsider.com/former-ceo-tech-startup-headspin-sentenced-fraud-case-2024-4
“"This defendant admitted he lied about his company's revenue and customers to attract funding from investors, including many in Silicon Valley," US prosecuting attorney Ismail J. Ramsey said in the DOJ's statement. "Today's sentencing should send a message to other entrepreneurs who may be tempted to cross the line into fraud and to 'fake it until they make it.'"
"This Office is committed to protecting investors—including those whose capital powers the engines of innovation in Silicon Valley—from start-ups that misrepresent their finances and try to cut corners," Ramsey said.
Lachwani's fraudulent behavior highlights how private startups can keep information from their backers.
Representatives for Lachwani and HeadSpin did not immediately respond to a request for comment from Business Insider.”
Source: https://www.businessinsider.com/former-ceo-tech-startup-headspin-sentenced-fraud-case-2024-4
