Image Source: unsplash

Indian-origin startup Co-founders convicted of $1 bn fraud in US

By Biswa                                                                   Quotesome.com

Image Source: unsplash

Two Indian-American executives of a Chicago-based health technology startup were convicted of a $1 billion fraud scheme targeting clients, lenders, and investors.

By Biswa                                                                   Quotesome.com

Image Source: unsplash

Rishi Shah, 37, co-founder and former CEO, Shradha Agarwal, 37, president, and Brad Purdy, 33, COO, were convicted of cheating Outcome Health's lenders and investors.

By Biswa                                                                   Quotesome.com

Image Source: unsplash

A Department of Justice announcement said Shah was convicted of five mail fraud, 10 wire fraud, two bank fraud, and two money laundering charges.

By Biswa                                                                   Quotesome.com

Image Source: unsplash

Purdy was convicted of five counts of mail fraud, five of wire fraud, two of bank fraud, and one of false statements to a financial institution

By Biswa                                                                   Quotesome.com

Image Source: unsplash

The defendants can be imprisoned for 30 years for bank fraud and 20 years for wire and mail fraud.

By Biswa                                                                   Quotesome.com

Image Source: unsplash

False statements to a financial institution may get Purdy 30 years in jail. Shah may get 10 years for each money laundering charge.

By Biswa                                                                   Quotesome.com

Image Source: unsplash

According to the Department of Justice statement, Outcome put televisions and iPads in doctors' offices around the US and sold advertising space to pharmaceutical firms.

By Biswa                                                                   Quotesome.com