‘Smart Rings’ CEO Found Guilty of Running $2 Million Ponzi Scheme
The CEO of a wearable technology company has been found guilty by a jury of running a near-$2 million Ponzi scheme by duping investors through lies that she owned “smart rings” patents that rightfully belonged to her former employer, and of fraudulently obtaining $150,000 in COVID-19 pandemic business-relief loans, the Justice Department announced today.
What happened
The CEO of a wearable technology company has been found guilty by a jury of running a near-$2 million Ponzi scheme by duping investors through lies that she owned “smart rings” patents that rightfully belonged to her former employer, and of fraudulently obtaining $150,000 in COVID-19 pandemic business-relief loans, the Justice Department announced today.
Why it matters
The proceeding may create legal precedent, financial exposure or operating constraints for Regulation.
Affected entities
View evidence
1 reports · 1 original report · 1 independent
- U.S. Department of JusticePrimary source · Supports · EN · 100%‘Smart Rings’ CEO Found Guilty of Running $2 Million Ponzi Scheme ↗
Claims
- ‘Smart Rings’ CEO Found Guilty of Running $2 Million Ponzi Scheme Observed
Conflicts
No material conflict detected in the available evidence.
Timeline
- First reported
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