Fintech 'Unicorn' Founder Stole $48M In Scam, SEC Claims

Law360 (April 2, 2018, 6:05 PM EDT) -- The U.S. Securities and Exchange Commission hit the founder of the cloud-based mobile financial services startup Mozido Inc. with a lawsuit in Maine federal court Friday, claiming he, his attorney and others close to him tricked hundreds of investors into funding shell companies and stole more than $48 million to fund their lavish lifestyles.

In a 66-page complaint, the SEC accuses Mozido founder Michael Liberty and four others of repeatedly lying to investors and inducing them to buy unregistered interests in shell companies controlled by Liberty that supposedly owned transferable interests in the Austin, Texas-based Mozido — a so-called unicorn, or...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!