51–60 of 166 posts
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LOL, if I ever make it at that level, my explanation for wanting to spend more time with my family will be "wanting to spend time with hookers"
When you've invested that much into something you're not very likely to suddenly decide to make that sort of strategic blunder for giggles.
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The details of your post go beyond those mentioned in the article. Could you provide additional links?
I was someone at the bottom of the totem pole who tried to do my job and ask what questions I could. I certainly noticed a lack of analytics or basic traffic/revenue/customer data. Retroactively, it was obvious that this was essentially a fake job, but I couldn't piece this together and there wasn't enough company-wide transparency. The fake financial statements were publicly released: https://www.justice.gov/usao-sd…
Interesting. They reached out to me on TripleByte last year: remote position, rather high cash comp for a startup, and no coding or whiteboarding as part of the onsite!
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Obviously something terribly shady is going on here. I’m not disagreeing with you, I just don’t understand how any director level position, let alone an executive, wouldn’t be able to see serious irregularities if such a significant percentage of revenue was phony. There are just way too many knock-on effects when the overwhelming majority of your customers aren’t real, aren’t paying you, and aren’t putting any load…
>> “customer revenue” account controlled solely by the CEO > I cannot fathom a VP of Finance, let alone an outside accounting firm, that would be OK with this arrangement of accounts. Right? Then again, EY audited everything and gave those fake bank statements the "thumbs up" as part of the last round of funding and due diligence on the part of the investors. Crazy.
https://markets.businessinsider.com/news/stocks/ey-chairman-...
Ex-employee here. Adam Rogas is a pathological liar and sociopath who dragged this out for years. I don't know how multiple audits failed to raise red flags over multiple $999,999.99 fake Stripe payouts. He literally inserted millions every few lines that didn't match up with the data around it. They never asked anyone else to produce the same report. Everyone involved should never be responsible for this amount of m…
And how was the quality of product? Was it something breathtaking that it attracted $157.9M in funding?
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Why did you choose not to blow the whistle?
Why would you? Even if you've got all your ducks in a row you've made yourself a target for media attention and lawsuits.
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That’s a bit of a unique case; they had very publicly visible family issues.
Exactly, that's the only reason anyone believes her at all. If not for their very public issues, I don't think anyone would have believed her.
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I was someone at the bottom of the totem pole who tried to do my job and ask what questions I could. I certainly noticed a lack of analytics or basic traffic/revenue/customer data. Retroactively, it was obvious that this was essentially a fake job, but I couldn't piece this together and there wasn't enough company-wide transparency. The fake financial statements were publicly released: https://www.justice.gov/usao-sd…
How much were you being paid a year to do basically nothing?
Being an executive at a (substantially smaller) SaaS startup I have no idea how having up to 90% of your revenue be fabricated could happen without others knowing: - where are the contracts corresponding to revenue? Yeah they are SaaS focused on SMB but this is a financial product, there will be contracts, NDAs, etc - if the majority of the customers are fake there is such little load on the system. How does engineer…
You'd think some folks working from there would wonder "Hey, does anyone KNOW anyone else working at the other factories, because we're only making X per day..."?