> According to the indictment, Güven had been keeping a bogus set of books to entice investors. While she claimed an annual revenue north of $1 million, the real number was much more modest: Kalder had made only $60,000 in total revenue since 2023. Feds say she cooked the books and invented deals with top clients, including Godiva, to “swindle” investors out of $7 million as she burned through their money trying to get the company upright. Güven has pleaded not guilty to all charges, and she and her attorneys — who include a white-shoe lawyer who prosecuted Sam Bankman-Fried — did not respond to requests for comment.
> But by allegedly forging the recommendations and signatures of business contacts on her immigration papers, Güven was also charged with visa fraud and aggravated identity theft. On March 10, prosecutors added a second aggravated-identity-theft charge: Güven had allegedly forged and signed a contract with an unnamed business, then told prospective investors it was real, in a move out of Carlos Watson’s playbook at Ozy.
> According to prosecutors, Doyle hired outside counsel to conduct an audit. Kalder’s total revenue since its inception was around $200,000 — millions short of Güven’s claims. Doyle had to tell one large investor that the start-up’s revenue streams were “fundamentally projections” of revenue. (Doyle declined to comment.)
https://en.wikipedia.org/wiki/Forbes_30_Under_30#%22Forbes-t...
https://www.nber.org/papers/w34868
paywall link: https://smry.ai/https:/nymag.com/intelligencer/article/gokce...
> According to the indictment, Güven had been keeping a bogus set of books to entice investors. While she claimed an annual revenue north of $1 million, the real number was much more modest: Kalder had made only $60,000 in total revenue since 2023. Feds say she cooked the books and invented deals with top clients, including Godiva, to “swindle” investors out of $7 million as she burned through their money trying to get the company upright. Güven has pleaded not guilty to all charges, and she and her attorneys — who include a white-shoe lawyer who prosecuted Sam Bankman-Fried — did not respond to requests for comment.
> But by allegedly forging the recommendations and signatures of business contacts on her immigration papers, Güven was also charged with visa fraud and aggravated identity theft. On March 10, prosecutors added a second aggravated-identity-theft charge: Güven had allegedly forged and signed a contract with an unnamed business, then told prospective investors it was real, in a move out of Carlos Watson’s playbook at Ozy.
> According to prosecutors, Doyle hired outside counsel to conduct an audit. Kalder’s total revenue since its inception was around $200,000 — millions short of Güven’s claims. Doyle had to tell one large investor that the start-up’s revenue streams were “fundamentally projections” of revenue. (Doyle declined to comment.)