An Indian-American businessman has been found guilty of arranging a$ 1 billion advertisement fraud and has served seven and a half years in prison. High-profile investors in the system, including Goldman Sachs Group Inc., Alphabet Inc., a subsidiary of Google, and the venture capital firm of Illinois Governor JB Pritzker, were defrauded by the scheme.
Shah, along with his business co-founders Shradha Agarwal and Brad Purdy, was found guilty on numerous works of fraud and money laundering in April 2023. Purdy was given a two-year, three-month prison sentence while Agarwal received a three-year sentence at a half house.
The US Securities and Exchange Commission also filed a civil complaint against Shah, Agarwal, Purdy, and past chief development officer Ashik Desai, who pleaded guilty due to test.
Who is Rishi Shah?
Rishi Shah is a tech trader and investor who co- founded JumpStart Ventures in 2011, where he served as Chairman and Managing Director, focusing on investments in health systems, training technology, and media.
Born into a family of physicians, Shah attended Harvard’s summer economics programme in 2005 before recently studying at Northwestern University and eventually dropping out to pursue entrepreneurs.
In 2006, Shah founded Outcome Health ( previously Context Media Health ), a company that installed TVs in doctors ‘ offices to show patients health-related advertisements. By the mid-2010s, Outcome Health had grown tremendously and gained acclaim in the technology and medical investment sectors under his leadership.
The 38- yr- ancient serves on the Board of Directors of Young Presidents Organisation ( YPO ), 1871, and MATTER, a group of medical entrepreneurs and incubation for ideas. He furthermore advises tech company accelerators/incubators, organizations, and universities.
Shah’s net worth was falsely inflated to over$ 4 billion in 2016. The Wall Street Journal exposed Fraudulent Activities at Outcome Health in 2017, and the fact started to emerge. Buyers, including Goldman Sachs and Alphabet, filed complaints against the business, revealing that Shah and his co- leader had profited while traders suffered losses.
