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Manish Lachwani - 2 Lachwani - 2 — - 1 Lachwani's - 1 Ismail J - 1 Ramsey - 1 HeadSpin - 1 Sam Bankman - 1
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☆ Former CEO of buzzy tech startup hit with prison time for fraud
  + stars: | 2024-04-23 | by ( Grace Eliza Goodwin | ) www.businessinsider.com   time to read: +3 min
The founder of startup HeadSpin just got an 18-month prison sentence for wire and securities fraud. Prosecutors said his sentence is a warning to other "fake it til you make it" Silicon Valley execs. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe founder of a buzzy Silicon Valley startup was sentenced to prison over a multimillion-dollar fraud scheme — and prosecutors want it to be a lesson to other "fake it til you make it" entrepreneurs. Manish Lachwani, the former CEO of app testing company HeadSpin, was sentenced on Friday to 18 months in prison, plus three years supervised release, for wire fraud and securities fraud, the Department of Justice announced.
Persons: —, Manish Lachwani, Lachwani, Lachwani's, Ismail J, Ramsey, HeadSpin Organizations: Prosecutors, Service, Department of Justice, DOJ, Lachwani, Business Locations: Silicon Valley
☆ Start-Up Founder Sentenced to 18 Months in Prison for Fraud
  + stars: | 2024-04-19 | by ( Erin Griffith | ) www.nytimes.com   time to read: +1 min
Another start-up founder is going to prison for overstating his company’s performance to investors. His misrepresentations allowed him to raise $117 million in funding from top investment firms, valuing his start-up at $1.1 billion. When HeadSpin’s board members found out about the behavior in 2020, they pushed Mr. Lachwani to resign and slashed the company’s valuation by two-thirds. Mr. Lachwani is at least the fourth start-up founder in recent years to face serious consequences after taking Silicon Valley’s culture of hype too far. Other founders currently in prison for fraud include Sam Bankman-Fried of the cryptocurrency exchange FTX and Elizabeth Holmes and Ramesh Balwani of the blood testing start-up Theranos.
Persons: Manish Lachwani, Lachwani, Sam Bankman, Elizabeth Holmes, Ramesh Balwani
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