Indian-Origin Start-Up Executives and Outcome Health Leaders Convicted of Fraud in US
Two Indian-origin executives of Outcome Health, a Chicago-based start-up, have been convicted of running a $1 billion corporate fraud scheme that targeted the company's clients, lenders, and investors. Rishi Shah, the co-founder and former CEO, was found guilty on 19 of 22 counts, while co-founder and former president Shradha Agarwal and former chief operating officer Brad Purdy were also convicted. The company installed television screens and tablets in doctors' offices around the US and then sold advertising space on those devices to clients, most of whom were pharmaceutical companies. The trio lied to investors and lenders to conceal their ongoing under-delivery of advertising campaigns for clients.