Reported 12 months ago
A former Chicago billionaire was sentenced to 7 1/2 years in prison for a $1 billion fraud at an ad startup involving investors like Goldman Sachs and Alphabet. Rishi Shah, the co-founder of Outcome Health, was convicted on fraud and money laundering charges, along with other executives. The company misrepresented ad placements and financial health to investors, leading to lavish spending by Shah. Outcome faced lawsuits from investors and the SEC. Shah received a reduced sentence, while other executives were also convicted and sentenced.
Source: YAHOO