The former CEO of fraud prevention startup NS8 has been billed with fraud for fabricating thousands and thousands of dollars in income to increase $123 million from investors.
The U.S. Section of Justice explained Adam Rogas, forty three, altered NS8’s lender statements right before offering them on a month to month foundation to its finance office to demonstrate income and lender balances that did not exist, ensuing in an over $sixty million inflation of assets as recently as June 2020.
When NS8 elevated somewhere around $123 million in two choices, Rogas allegedly presented the fake statements to current and future investors, pocketing almost $seventeen.five million of the proceeds for himself.
Rogas, who was arrested Thursday on federal expenses of securities fraud, is also struggling with a civil grievance filed by the Securities and Exchange Commission.
“As alleged, Adam Rogas was the proverbial fox guarding the henhouse. Whilst increasing over $a