The former co-CEOs of tech start-up Bitwise Industries, Jake Soberal and Irma Olguin, have been charged by the Securities and Exchange Commission (SEC) for misleading investors and falsifying documents while raising $70 million in funding. The SEC alleges that Soberal and Olguin provided investors with falsified bank records and a fake audit report, inflating cash balances and revenues to present Bitwise as a healthy and growing business. However, the company faced constant cash shortages and terminated all personnel in May 2023. Soberal and Olguin have agreed to resolve the charges, and criminal charges have also been filed by the U.S. Attorney's Office.
The New York Times crossword puzzle for October 3, 2023, constructed by Zachary David Levy, features themed entries related to tech companies, with the revealer being "Tech Start-Up." The puzzle includes clues such as "Kitchen gadget" for "Apple Peeler" and "Nietzsche's superior man of the future" for "Übermensch." The article also mentions the concept of a "vibe shift" and provides some tricky clues from the puzzle. Additionally, the Easy Mode newsletter offers a more accessible version of the Friday crossword for those who find it challenging.
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.
