Santa Clara-the founder of an artificial intelligence startup based in Silicon Valley will turn 2 and a half in a federal prison for Bony investors of millions of dollars, authorities said.
Shaukat Shamim, 53, or Santa Clara, previously declared himself guilty of a value fraud charge.
Shamim Founded YouPlus in 2013. The Focus of the Startup Evolved To Develop Artificial Intelligence Tools to Analyze Online Video Content, and by The Time Shamim Resigned in November 2019, YouPlus Had Raised About $ 17 Million From Angel Attack Firms and Venture Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms Firms FIRMS FIRMS FIRMS FIRMS FIRMS FIRMS FIRMS,
Prosecutors told Shamim’s song to investors about the product, sales and adoption of the startup customer.
Shamim, for example, said YouPlus had created a search engine that used neuronal networks to analyze videos and predict marketing results. However, these tasks were performed by a team of employees in India, according to prosecutors.
In a guilt agreement, Shamim also admitted the song to investors on the number of customers who had registered in continuous services and recurring subscription rates. Prosecutors said no client had signed to pay rates for months for the service.
In February 2019, Shamim told investors that you obtained $ 4.6 million in income the previous year, the previous year, it actually won less than $ 100,000, according to prosecutors. He also said in May 2019 that the startup had won $ 3.5 million in the first four months of 2019; However, you won less than $ 280,000 all that year.
The prosecutors said that you were running out in cash in September 2019, which led Shamim to look for finances of the Series A of the Risk Capital companies and the bridge loans of existing investors to cover the costs. Investors in turn asked Shamim to provide more detailed financial information to support the income that stated that the startup was doing.
Shamim altered statements for the bank accounts of YouPlus in India and the United States and received approximately $ 6.4 million of investors, according to prosecutors.
On June 14, 2022, a Federal Grand Jury issued an accusation that charged Shamim with three positions of electronic fraud and a value fraud charge. The court dismissed the charges of cable fraud in exchange for Shamim declaring the guilty of securities fraud.
In addition to the prison sentence of 2 and a half years, a judge ordered Shamim on Monday to pay a fine of $ 50,000 and turned three years of supervised release, which will begin after leaving the prison.
Prosecutors said Shamim is on bail and will begin to comply with his sentence on April 28.
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