Two Indian-Origin Executives Sentenced in Chicago for $1 Billion Fraud

New Delhi: Two former executives of a Chicago-based health technology startup, Outcome, have been sentenced for orchestrating a $1 billion fraud scheme that misled investors and clients through overbilling and falsifying advertising metrics.

According to Kashmir Media Service, Rishi Shah, the co-founder and former CEO of Outcome, received a 7.5-year prison term, while Shradha Agarwal, co-founder and former president, was sentenced to three years in a halfway house. The federal jury in April 2023 found Shah guilty of multiple charges including mail fraud, wire fraud, bank fraud, and money laundering. Agarwal was convicted on similar fraud and bank fraud charges. The case highlighted significant financial manipulations that severely impacted Outcome’s clients and lenders.

The post Two Indian-Origin Executives Sentenced in Chicago for $1 Billion Fraud appeared first on pakistannewsgazette.com.