3 ms·

Silicon Valley prodigy arrested by FBI for alleged fraud

• ccvannorman 11y ago
  "Newman is said to have lured investors by misrepresenting his own ability to pay back funds, [...] He then used the funds to pad his own finances or pay back earlier investors." What? Why would you pay investors #1 back if you were planning to screw investors #2? Or was he planning to just take ever bigger gambles?
  • caminante 11y ago
    His initial investors were likely complicit or he wanted the relationship to persist for future deals.
• caminante 11y ago
  Even if he's innocent, I found his lawyer's statement quirky: "All of his business ventures have been legitimate and well-intentioned. While his ventures were not always as successful as he hoped they would be, he never did anything to justify the over-reaching charges issued against him today.["] I can't envision how this statement helps him.