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Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google

Business Standard LogoBusiness Standard4d ago

Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google - Business Standard

Quick Summary:

Shah was convicted in April 2023 along with Outcome President and co-founder Shradha Agarwal and Chief Financial Officer Brad Purdy.

But Outcome’s claims of exponential revenue growth were driven by fraud, as the company sold more ads than it could broadcast and lied to clients like pharmaceutical giant Novo Nordisk A/S about the size of its network of TVs in doctors’ offices, according to prosecutors and securities regulators.

Shah got the idea for Outcome — then known as Context Media Health — in 2006 while he was a student at Northwestern University just north of Chicago, and the company’s rapid rise over the next decade boosted his public profile.


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Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-02 @ 07:12:03 (4 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 692 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 21452255

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 111 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

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Publisher ID: #49

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