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To be fair, I’m not sure blatant lying in investor updates alone constitutes fraud. There needs to be harm (or the intent thereof) AFAIK. The other party needs
by junofan 6mo ago
To be fair, I’m not sure blatant lying in investor updates alone constitutes fraud. There needs to be harm (or the intent thereof) AFAIK. The other party needs to be using that information to make a decision. If you give me a dollar and then later I tell you I’m actually Beyonce, is that fraud? Or am I just a lying sonofabitch?
- ikidd 6mo agoIt's encouraging future investment on a false pretext. I'd say that's fraud.
- brookst 6mo agoIf I give you a dollar and you say it’s being spent wisely, Beyonce loves the product, you’re about to land Taylor Swift as pro bono public ambassador… yeah that’s fraud.
- woadwarrior01 6mo agoLying in investor update was merely the tip of the iceberg. There was lots more, fabricating customer traction pre-investment, paying oneself back-pay for months spent twiddling thumbs pre-investment (before I was involved), etc. My lesson from the whole kerfuffle was that investors (at least the ones I’d dealt with) prefer hustle over integrity and execution abilities.
- zipy124 6mo agoThis makes sense because investors in startups just care that they aren't left holding the bag. As long as they aren't the final fool in the buy in chain, they don't care.