The thing I noticed was that everyone convicted or pleading guilty was from the soft, BS parts of the company. How come none of the Engineers ever get rich in these schemes? What are we doing wrong?
Former executives of Outcome Health convicted in $1B corporate fraud scheme
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Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#12The sole aim of this company was to extract money from investors...somehow, they managed to raise $500mn, $159mn of which went to the founders for selling secondary shares [1]. I really don't understand people like this. It's far easier to build a serially unprofitable business and cash out your shares...ask Adam Neumann, Travis Kalanick, and the GoPuff founders. Just don't lie to investors, pretend you're building s…
They went Ozy Media when they should have gone WeWork.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#13The thing I noticed was that everyone convicted or pleading guilty was from the soft, BS parts of the company. How come none of the Engineers ever get rich in these schemes? What are we doing wrong?
Engineers are just people paid to code. If you're not a decision-maker, or a dealmaker bringing in business and financing, your compensation will reflect that.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#14The thing I noticed was that everyone convicted or pleading guilty was from the soft, BS parts of the company. How come none of the Engineers ever get rich in these schemes? What are we doing wrong?
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Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#15Raising almost a billion US$ in 2016? It seems like a lot for what boils down to "advertising in doctor's offices". Would be interesting to know who the VCs were.
I can't begin to comprehend all of the reasons why, but there's a wholelottamoney in pharmaceuticals.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#16Raising almost a billion US$ in 2016? It seems like a lot for what boils down to "advertising in doctor's offices". Would be interesting to know who the VCs were.
The pharmaceutical industry alone in the US will be a trillion dollar per year business by the end of the decade.
Pushing drugs and procedures and insurance on people you know are already sick and probably desperate is peak ad-tech.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#17Raising almost a billion US$ in 2016? It seems like a lot for what boils down to "advertising in doctor's offices". Would be interesting to know who the VCs were.
You can find most VC investments on CrunchBase. In this case the most recent funding was primarily from PE rather than VC, which is a little different.
https://www.crunchbase.com/organization/outcomehealth/compan...
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#18I always like looking these folks up on youtube to see if they have any interviews, this guy did talk for Chicago Techweek, and his story starts remarkably similar to another tech dude who was recently charged with fraud... goes something like this:
(when I was 12) I found some discrepancy in the price of a security, so I wrote a simple program that traded on the discrepancy.
https://www.youtube.com/watch?v=GPBoIyA11TI
Also this one is amusing given the context "you win if you're not afraid to break rules and do things the way they're best done in the new reality"
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#19Raising almost a billion US$ in 2016? It seems like a lot for what boils down to "advertising in doctor's offices". Would be interesting to know who the VCs were.
The pharmaceutical industry alone in the US will be a trillion dollar per year business by the end of the decade. Pushing drugs and procedures and insurance on people you know are already sick and probably desperate is peak ad-tech.
It’s certainly peak something.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#20The sole aim of this company was to extract money from investors...somehow, they managed to raise $500mn, $159mn of which went to the founders for selling secondary shares [1]. I really don't understand people like this. It's far easier to build a serially unprofitable business and cash out your shares...ask Adam Neumann, Travis Kalanick, and the GoPuff founders. Just don't lie to investors, pretend you're building s…
It’s easier to commit fraud than start a unicorn tech company. How can you not understand that?