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, was convicted of five counts of mail fraud, five counts of wire fraud, two counts of bank fraud, and one count of false statements to a financial institution.
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The defendants face a maximum penalty of 30 years in prison for each count of bank fraud and 20-year imprisonment for each count of wire fraud and mail fraud.
Shah faces a maximum penalty of 10 years in prison for each count of money laundering. A sentencing hearing will be scheduled at a later date.
A statement issued by the Justice Department said on Tuesday that 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.
According to intelligence seen by MaltaToday, criminal groups are smuggling Bangladeshis and Africans into Italy, charging migrants €1,500 each for the transfer between Damascus in Syria and Benghazi in Libya.