Feds Say Silicon Valley CEO Scammed Investors Out Of $17M

Law360 (July 21, 2020, 6:40 PM EDT) -- A Silicon Valley-based CEO is facing criminal charges in California federal court that he fraudulently raised $17 million for his artificial intelligence tech startup by lying about its technology, grossly exaggerating its finances and falsely claiming he had secured big-name clients like Coca-Cola and Kraft.

Shaukat Shamim claimed his startup YouPlus had developed artificial intelligence to interpret video reviews posted by customers for marketing and research purposes, but in actuality he was paying human workers to perform that analysis, prosecutors said Monday.

"Silicon Valley is a global leader when it comes to ingenuity and entrepreneurship," U.S. Attorney David L. Anderson said...

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