WF-2CXT6S
SEC charges YouPlus and CEO with defrauding investors
The SEC charged machine-learning startup YouPlus and its CEO Shaukat Shamim with defrauding investors. Shamim allegedly made false statements about the company's revenue and customer numbers, including providing falsified bank statements. The scheme unravelled when Shamim confessed to investors that the company had earned less than $500,000 and had only four paying customers since 2013. The SEC is seeking permanent injunctions, civil penalties, and an officer-and-director bar.
- Date it happened
- 2018-01-01
- Organisation involved
- YouPlus
- Product, system or model
- YouPlus machine-learning tool
Where this came from
This is a record of what was reported, not a finding that anyone broke the law. If it names your organisation and you believe it is wrong, the corrections process is free and open to everyone.