Originally published on 9 February 2023. Kept as written; the law it describes may have moved since.
The Run-Down: Chris Kirchner, Founder of Goldman Sachs Backed Logistics Software Company, Slync, has been charged for fraudulently offering and selling more than $67 million of securities
- The charge alleges Kirchner misappropriated more than $28 million for personal benefit
- According to the SEC, Kirchner misrepresented the financial status of Slync, ranging from the revenue received, the nature and volume of contracts, and the use of fundraising proceeds
Why You Should Care:
The U.S. Securities and Exchange Commission is at it again! As a part of a recent declaration to crack down on corporate crime - the SEC is taking no prisoners. This is yet another fraud case caught in the long list of flagged behavior the SEC is trying to curb.
So why does this keep happening? Why are people in positions of power so hellbent on doing the wrong thing? A lack of empathy, humanity and a desire to be the best have pushed many to act in ways that they normally would have never envisioned.
This is why we stress creating a foundation of integrity that values and fosters ethical decision-making and corporate responsibility within your business. Not only does the SEC require it - but you should too.