Prosecutors said the former CEO of Headspin, a business-software provider, had repeatedly given investors false and exaggerated information in order to gain their financial support.
A former Silicon Valley tech startup CEO pleaded guilty to wire and security fraud charges in a San Francisco federal courtroom Thursday morning, federal prosecutors announced.
Lachwani started the Sunnyvale-based company, which provides clients with software tools and access to devices used to test their mobile applications, in 2015. Between April 2017 and April 2020, he raised more than $100 million from investors, leading to a valuation of about $1.1 billion, prosecutors said.
In the plea agreement, Lachwani admitted to including amounts of money from potential customers that hadn’t yet committed to subscribing to the company’s services, exaggerating the amounts that customers did agree to pay and retaining the amount of money that previous customers that no longer subscribed to the service had paid before canceling their accounts.
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