This is the guy who got served and he just said no and fled in his suv right?
Former executives of Outcome Health convicted in $1B corporate fraud scheme
21–30 of 50 posts
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#22The 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?
To be fair, a lot of engs made a lot of money writing code for this company. They were a huge ruby employer for many years. Lots of careers built off of working at Outcome Health.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#23The 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?
But you don't go to jail for failing to start a unicorn tech company so long as you don't do anything illegal.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#24The 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…
Intellectual Ventures is a good example of this but in the hardware space. Products that are perpetually on the cusp of release are a good source of funding I guess.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#25Any jail time for any of them? Until then it's just posturing by the Justice department.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#26Earlier quoted context omitted.
The CEO, Rishi Shah, was a major rising star and was profiled by the Wall Street Journal in 2017. The journalist on the story thought something seemed fishy and started pulling threads, leading to an expose published in October of that year. https://www.wsj.com/articles/outcome-a-hot-tech-startup-misl...
Such is the conundrum with the WSJ. The op-ed section is beyond parody at this point (see the recent article attempting to pin SVB's collapse on 'wokeness'). But at least the journalists remain committed to digging into stories. The Theranos fraud was also discovered by a WSJ journalist who wasn't wowed by their ex-Pentagon and Beltway board members and puff pieces written about Holmes.
These guys should be awarded. That's fantastic
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#27They installed displays in medical buildings that sold as space. Then they oversold the ad space, billing customers for ads that were never displayed from 2011 to 2017 and took investment based on the fake numbers. I wonder how the scheme unraveled. It takes a lot of people to cover up a fraud at this scale, so presumably someone noticed and reported it? I really dislike this company. I went to a doctor who had adver…
The CEO, Rishi Shah, was a major rising star and was profiled by the Wall Street Journal in 2017. The journalist on the story thought something seemed fishy and started pulling threads, leading to an expose published in October of that year. https://www.wsj.com/articles/outcome-a-hot-tech-startup-misl...
Forbes 30 Under 30 has a similar issue... I think over the last 10-15 years, people featured in that list have been convicted or accused of scamming more money than they've made, including Elizabeth Holmes, SBF and at least a couple more.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#28Earlier quoted context omitted.
The CEO, Rishi Shah, was a major rising star and was profiled by the Wall Street Journal in 2017. The journalist on the story thought something seemed fishy and started pulling threads, leading to an expose published in October of that year. https://www.wsj.com/articles/outcome-a-hot-tech-startup-misl...
Such is the conundrum with the WSJ. The op-ed section is beyond parody at this point (see the recent article attempting to pin SVB's collapse on 'wokeness'). But at least the journalists remain committed to digging into stories. The Theranos fraud was also discovered by a WSJ journalist who wasn't wowed by their ex-Pentagon and Beltway board members and puff pieces written about Holmes.
Yup, I get so mad at WSJ after reading one of their really stupid opinion pieces and then their real journalists will publish something really good. Almost like an abusive relationship. The FT is good but doesn’t always dig out the dirt like WSJ does (in the US).
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#29They installed displays in medical buildings that sold as space. Then they oversold the ad space, billing customers for ads that were never displayed from 2011 to 2017 and took investment based on the fake numbers. I wonder how the scheme unraveled. It takes a lot of people to cover up a fraud at this scale, so presumably someone noticed and reported it? I really dislike this company. I went to a doctor who had adver…
I had a similar experience at a doctor's office in my city. I was actually somewhat shocked to see ads in the actual patient room - it was an immediate turn-off.
I've since found another doctor.
Re: Former executives of Outcome Health convicted in $1B corporate fraud scheme
#30They screwed up by defrauding the investors, I don't think they would have gotten caught if they simply stuck to defrauding their clients.
I would ask the community here how common this kind of fraud is. Do companies inflate their ad display numbers or ad engagement numbers?