Venture Capital

Jumio Founder Settles $17M Fraud Case. Now He Has An Ai Startup

by fortune.com posted 1year ago 31 views
The founder of Palo Alto-based Jumio, a mobile payments identification maker, has been called out by the Securities and Exchange Commission for taking it too far. On Tuesday, the SEC said former Jumio CEO Daniel Mattes has agreed to pay over $17 million to settle charges that he had defrauded investors—allegedly overstating the company’s revenue by more than ten times in a bid to sell off his own existing shares in the company to individuals as well as funds starting in 2014.