Former CEO of Tech Platform HeadSpin accused of investor fraud

Law360 (Aug 25, 2021, 5:32 p.m. EDT) – The co-founder and former CEO of Silicon Valley mobile apps company HeadSpin Inc. was arrested on Wednesday and charged with falsely inflating the startup’s earnings and inaccurate key financial indicators, allegedly defrauding investors of tens of millions of dollars.

Manish Lachwani, 45, of Santa Clara County, Calif., Has been charged with securities fraud and wire fraud for what prosecutors see as a multi-year program to attract investment in HeadSpin by increasing transaction value existing with customers and making future payments.

Lachwani also faces a parallel civil lawsuit from the United States Securities and Exchange Commission.

“We claim that Lachwani …

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