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...
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