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Ask HN: Should I inform investors that my startup employer is a scam?

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Re: Ask HN: Should I inform investors that my startup employer is a scam?

#71

Post by wjnc »

triceratops wrote: post #70
qikInNdOutReply wrote: post #38

Its a money laundering machine.. the oligarch invest dirty money into it, they buy equipment from other oligarch conglomerate companies, washing the money in the process. Just build your dream project there, and then take it with you. Its basically a mafiosi incubator and the software is decoration and they do not recognize the value of it missing or ever having existed. Could be other things to. Empty houses in the…

Can you explain? "Money laundering" businesses are cash businesses. If the money is already in the legitimate banking system it doesn't need to be laundered, even if it's from an "oligarch". How does this help? As someone below commented, it seems more likely that the VCs are stealing from their investors.

The world is more complex than that. Things like sanctions and countries (not) fully implementing the sanctions create a world in which the transport of sanctioned ‘money’ (or money owned by sanctioned people) from place X to Y is only possible via constructions as the one hinted on here. Dirty money is not always cash. Even bank held funds can be dirty enough to require cleaning.

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#72

Post by bobkazamakis »

triceratops wrote: post #70
qikInNdOutReply wrote: post #38

Its a money laundering machine.. the oligarch invest dirty money into it, they buy equipment from other oligarch conglomerate companies, washing the money in the process. Just build your dream project there, and then take it with you. Its basically a mafiosi incubator and the software is decoration and they do not recognize the value of it missing or ever having existed. Could be other things to. Empty houses in the…

Can you explain? "Money laundering" businesses are cash businesses. If the money is already in the legitimate banking system it doesn't need to be laundered, even if it's from an "oligarch". How does this help? As someone below commented, it seems more likely that the VCs are stealing from their investors.

...They're cash businesses when you're cleaning cash - drugs, prostitution, etc

Do you think people are bringing briefcases of cash on the scale of that many millions to a nail salon?

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#73

Post by pkrotich »

Wait - how and what did you get hired for? Did you ask any questions about product and revenue?

It seems to me that you went in blindly and now you’re trying to cleanse your conscience. You think the investor didn’t do due diligence? I doubt it - sounds like a money cleaning operation to me!

You won’t get anything out of reporting - get the hell out now!

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#74

Post by vlod »

cordialthank wrote: post #56
imdsm wrote: post #37

Earlier quoted context omitted.

Could be that they're siloed and there is product but OP is poorly informed. If they don't work there, then how could OP truly know?

Didn't stress on this point, but CEO is delusional and megalomaniac. They think their plan is going to work and they keep hiring people for stuff that supposedly will build up the SaaS. They are emotionally abusive to dissidents and people who disagree. It's a lost cause. I'm not poorly informed, otherwise I wouldn't be making this post. After everyone left I am in the most senior engineer position (lead) and there w…

Not discounting any of the other "Danger, Will Robinson!" comments, have you considered actually building the crazy thing they want?

At the moment, it sounds like you doing BS work and chasing your own tail.

It might be more interesting to change your attitude and jump on the delusional train (which a lot of startups are tbh), take the CEO more seriously and start building exactly what they want (or at least start prototyping). I don't think anyone will criticize you for taking the initiative and having a general positive attitude and start getting shit done.

It sounds like more fun than what you're currently doing, while you think of your options.

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#75

Post by BWStearns »

You just gave me flashbacks to this dude I contracted for. Dude had me working on utterly random stuff for like less than a week at a time. "Hey, make a visualization tool in Unity!" "uhhh ok but I don't know C#, and the backend is only 10% done, I suggest we focus--" "just do it! we have to move fast!"

I eventually started to get roped into investor meetings and he was just straight up lying to investors; nothing wrong with a little optimism or whatnot, but suggesting that you present-tense have some non-existent capability that'd take years to develop is ballsy. Paychecks started getting late and then not coming at all and I had to threaten to sue him.

Just give 0 notice on payday and gtfo.

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#78

Post by tluyben2 »

raverbashing wrote: post #59
rob74 wrote: post #55

Earlier quoted context omitted.

Maybe? But then why go through the "bankrupt -> saved in last minute" cycle several times and generate unwanted attention? I'm not an expert of course, but I think if you want to launder money, you should do it as quietly and inconspicuously as possible...

It's probably not officially bankrupt, it's "almost bankrupt".

Looks more realistic like that I think: startups are supposed to struggle so doing dips of almost bankrupt seems smart really.

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#79

Post by kurupt213 »

heassler wrote: post #9

If you see fraud and you don't shout fraud, you are a fraud. Document your findings and do what is appropriate. After all, those VCs are managing people's money. They need to know.

i don't think this is a case of mandated reporting.

Re: Ask HN: Should I inform investors that my startup employer is a scam?

#80

Post by landemva »

manholio wrote: post #44

Go into the CEO's office, ask for a large raise and tell them the product is in a very bad shape and will require you to put your utmost effort to turn the ship around. If word were to get out, it would surely kill the company! After you get the raise, go into your cubicle, close email and phone, and start working on your own projects until the moving guys come to take your desk.

While that comment is snarky, there is a decent chance the sales guy at the company has already done it.
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