Manish Lachwani Ordered To Serve 18 Months
Posted on 04/22/2024
US$ 1 billion (at its height) mobile app company HeadSpin tests and monitors software. It has been in operation since 2015. However, CEO and co-founder Manish Lachwani is headed to prison for up to 18 months after pleading guilty to wire fraud and securities fraud. Three years of supervised release will be added after he is released. There is also a US$ 1 million fine levied against him. Lachwani was charged in 2021. Regulators argued his reporting on company financials and contracts were inaccurate. HeadSpin was able to raise US$ 117 million from Google, Dell, and other companies and funds.