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Bay Area startup founder gets 18 months prison time, $1M fine for fraud
- rmason 3y agoHe hustled his way to a unicorn. Have to wonder how many other unicorns out there are built upon a founders lies and deceit?
- ilrwbwrkhv 3y agoWe Work founder and marc andreessen's favorite founder: adam neumann
- lotsoweiners 3y agoI follow the assumption that they all are of varying degrees.
- oyashirochama 3y agoI mean they literally operate off of, "fake it till you make it" energy, and really they never really make it, most just have the façade for decades of making it.
- alephnerd 3y agoThey don't provide falsify financial data - this is why this founder is going to jail. Hype and Marketing is legal. Faking actual financial data that is used by investors to decide whether to invest in you is by definition fraud.
- bhaney 3y agoHow much money has this dude actually made from his fraudulent billion dollar company? 18 months of prison is going to suck, but there are a lot of people who would happily volunteer for it in exchange for, say, $50M ($49M after fines).
- erulabs 3y agoThe judge’s “this simply can’t be the law” is pretty perfect here. Plenty of founders spend 18 months eating prison rations and never leaving a small confined area and all they get are lousy T shirts and a decent resume piece. It can’t be the case the fraud is more profitable than honest failure - the justice system must prevent that.