Christine Hunsicker, founding father of the style startup CaaStle, turned herself in to authorities Friday to face fraud fees, authorities confirmed to Bloomberg.
The U.S. Legal professional for the Southern District of New York unsealed an indictment towards her, charging her with wire fraud, securities fraud, cash laundering, aggravated id theft, and mendacity to monetary establishments. She is accused of defrauding her buyers out of greater than $300 million.
Hunsicker resigned as CEO of CaaStle after her board alleged that she misled buyers concerning the firm’s monetary efficiency. The corporate raised greater than $500 million in funding and filed for chapter in June. Along with the SEC’s case, an attire firm and an funding car launched by CaaStle are additionally suing the corporate over monetary issues. Two former workers advised TechCrunch they weren’t stunned to listen to the corporate confronted monetary troubles as a result of how discreet executives had been concerning the firm’s monetary well being.
