Why did Indian-American entrepreneur Rishi Shah receive a 7.5-year prison sentence for a $1 billion fraud involving major investors?
Rishi Shah, a 38-year-old Indian-American entrepreneur and co-founder of Outcome Health, has been sentenced to seven and a half years in prison for his involvement in a colossal ₹8,300 crore ($1 billion) fraud. This fraud involved high-profile investors, including Goldman Sachs Group Inc., Google parent Alphabet Inc., and the venture capital firm of Illinois Governor JB Pritzker. A federal jury convicted Shah on over a dozen charges, including fraud and money laundering, in 2023. His co-founders at Outcome Health, Shradha Agarwal and Brad Purdy, were also found guilty. Agarwal received a sentence of three years in a halfway house, while Purdy was sentenced to two years and three months in prison. The US Securities and Exchange Commission (SEC) also filed a civil lawsuit against Shah, Agarwal, Purdy, and former chief growth officer Ashik Desai, who pleaded guilty before the trial. Read more: https://indiaobservers.com/rishi-shah-indian-american-jailed-fraud/ Know More About R...