Two Indian-origin start-up executives, Outcome Health co-founder and former CEO Rishi Shah and co-founder and former president Shradha Agarwal, were convicted of a $1 billion fraud in the US.
Two Indian-origin executives of a Chicago-based start-up have been convicted by a federal jury in the US of running a USD 1 billion corporate fraud scheme that targeted the company's clients, lenders and investors.
Following a 10-week-long trial, jurors on Tuesday found health technology company Outcome Health co-founder and former CEO Rishi Shah guilty on 19 of 22 counts, co-founder and former president Shradha Agarwal guilty on 15 of 17 counts and former chief operating officer Brad Purdy guilty on 13 of 15 counts.
Shah, 37, was convicted of five counts of mail fraud, 10 counts of wire fraud, two counts of bank fraud and two counts of money laundering.
Agarwal, 37, was convicted of five counts of mail fraud, eight counts of wire fraud, and two counts of bank fraud, while Purdy, 33, ...