Close Menu
  • Home
  • Business News
    • Entrepreneurship
  • Investments
  • Markets
  • Opinion
  • Politics
  • Startups
    • Stock Market
  • Trending
    • Technology
  • Online Jobs

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Tech Entrepreneurship: Eliminating waste and eliminating scarcity

July 17, 2024

AI for Entrepreneurs and Small Business Owners

July 17, 2024

Young Entrepreneurs Succeed in Timor-Leste Business Plan Competition

July 17, 2024
Facebook X (Twitter) Instagram
  • Home
  • Business News
    • Entrepreneurship
  • Investments
  • Markets
  • Opinion
  • Politics
  • Startups
    • Stock Market
  • Trending
    • Technology
  • Online Jobs
Facebook X (Twitter) Instagram Pinterest
Prosper planet pulse
  • Home
  • Privacy Policy
  • About us
    • Advertise with Us
  • AFFILIATE DISCLOSURE
  • Contact
  • DMCA Policy
  • Our Authors
  • Terms of Use
  • Shop
Prosper planet pulse
Home»Startups»CEO of Goldman Sachs-backed startup Slync sentenced to 20 years in prison
Startups

CEO of Goldman Sachs-backed startup Slync sentenced to 20 years in prison

prosperplanetpulse.comBy prosperplanetpulse.comJuly 11, 2024No Comments2 Mins Read0 Views
Share Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


Slync founder and former CEO Chris Kirchner was sentenced to 20 years in prison.

Getty Images

Chris Kirchner, the former CEO of Slync, a technology startup that raised millions of dollars from investors including Goldman Sachs and was once valued at more than $240 million but spent the money on private jets and luxury cars, was sentenced Thursday to 20 years in prison by the U.S. District Court for the Northern District of Texas.

The sentence is one of the toughest for a tech founder charged with fraud in recent years. Last year, Theranos’ Elizabeth Holmes was sentenced to 11 years in prison, culminating a dramatic rise and fall for the young founder who raised more than $80 million for Slync, aiming to become a leading supplier of software to the logistics industry. Kirchner, who was represented by a court-appointed lawyer, received the maximum sentence and was ordered to pay $65 million in restitution, according to sentencing documents.

Kirchner will hold a press conference in July 2022. Forbes The investigation documented that Kirchner inflated sales figures to the board of directors and fired executives who tried to raise the alarm about the deception. Kirchner also spent heavily on personal expenses, buying a $16 million private jet and luxury cars. Even after the company ran out of cash, Kirchner continued to fly around the world to glamorous sporting events without paying his employees.

A few months later, Kirchner was arrested by FBI agents at his Dallas-area mansion and indicted on multiple fraud charges by both the Department of Justice and the Securities and Exchange Commission, including allegations that he fraudulently offered and sold more than $67 million in securities and misappropriated more than $28 million of that amount for his own personal gain. Kirchner was found guilty by jury verdict in January.

Mr. Slink’s board of directors is Forbes The company ultimately shut down last year despite receiving an additional $24 million in investment from Goldman Sachs, according to the report.

More from Forbes

ForbesGolf tournaments, private jets, red Ferraris: The tech CEO who lives a lavish lifestyle without paying his employeesby ForbesFBI searches home of former CEO of Goldman Sachs-backed tech company Slyncby ForbesGoldman Sachs-backed Slync to shut down, months after founder arrested on fraud chargesby

follow me twitter Or LinkedIn. check out Some of my other work can be found here. Send us a safety tip.





Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
prosperplanetpulse.com
  • Website

Related Posts

Startups

Cryptocurrency: Asian and African startups surpass US in market share!

July 14, 2024
Startups

Nitin Kamath’s vision to create more startup entrepreneurs in small towns in India

July 14, 2024
Startups

Small Japanese startup makes “Her” AI dating a reality

July 14, 2024
Startups

22 Indian startups secure over $116 million in funding this week

July 14, 2024
Startups

Small businesses are coming back – and it’s finally time

July 14, 2024
Startups

Scaling smart: How startups balance speed and quality in product iterations for growth – SME News

July 14, 2024
Add A Comment
Leave A Reply Cancel Reply

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Editor's Picks

The rule of law is more important than feelings about Trump | Opinion

July 15, 2024

OPINION | Biden needs to follow through on promise to help Tulsa victims

July 15, 2024

Opinion | Why China is off-limits to me now

July 15, 2024

Opinion | Fast food chains’ value menu wars benefit consumers

July 15, 2024
Latest Posts

ATLANTIC-ACM Announces 2024 U.S. Business Connectivity Service Provider Excellence Awards

July 10, 2024

Costco’s hourly workers will get a pay raise. Read the CEO memo.

July 10, 2024

Why a Rockland restaurant closed after 48 years

July 10, 2024

Stay Connected

Twitter Linkedin-in Instagram Facebook-f Youtube

Subscribe