A federal jury in the US found two Indian-origin executives of a Chicago-based start-up guilty of orchestrating a USD 1 billion corporate fraud scheme that was directed at the company’s customers, lenders, and investors. After a 10-week trial, the jury found the co-founder and former CEO of the health technology company Outcome Health, Rishi Shah, guilty on 19 of 22 counts, the co-founder and former president, Shradha Agarwal, guilty on 15 of 17 counts, and the former COO, Brad Purdy, guilty on 13 of 15 counts. Shah, 37, was found guilty of two counts of bank fraud, two counts of money laundering, two counts of wire fraud, five counts of mail fraud, and ten counts of wire fraud.
Purdy, 33, was found guilty of five counts of mail fraud, five counts of wire fraud, two counts of bank fraud, and one count of making false statements to a financial institution. Agarwal, 37, was found guilty of five counts of mail fraud, eight counts of wire fraud, and two counts of bank fraud. The maximum sentence for each count of bank fraud against the defendants is 30 years in prison, and each count of wire fraud and mail fraud carries a maximum sentence of 20 years in prison. The maximum sentence for Shah for each count of money laundering is ten years in prison.
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