From CFO Magazine “The former CFO and former CEO of small, privately-held software company Entellium Corp, were charged with wire fraud for overstating revenue to help them secure financing.”
The fraud included defrauding investors by faking revenue figures in order to obtain financing. $50 million was raised on bogus books. Entellium is based in Seattle and Ignition Partners invested $19 million of the $50 million raised. I feel bad for Ignition.
Nothing in the article mentioned anything about having audited financials?
Kudos to Entellium’s legal counsel for turning these bozos in…
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