HomeinetThe CEO of cyber fraud company NS8 has been arrested for fraud

The CEO of cyber fraud company NS8 has been arrested for fraud

The CEO of the NS8 cyber fraud company has been arrested and charged with defrauding the company's investors.

Adam Rogas was arrested in Las Vegas, Nevada, the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) said on Thursday.

The 43-year-old is the co-founder and CEO of startup NS8, an organization that promotes an information-based fraud detection platform. However, according to the Americans prosecutors, scams have been going on for quite some time.


Rogas allegedly fabricated financial data and statements to make it clear that the company was creating significant income by its customers. As the former CEO had access in a bank account used to deposit customer payments, was able to breach bank statements before being sent to NS8 Financial Division for processing.

Rogas added "tens of millions of dollars in both customer revenue and non-existent bank balances," says the DoJ, from January 2019 to February 2020.

It is estimated that between 40% and 95% of the assets shown in these statements were counterfeit - including the inclusion of more than $ 40 million in fictitious income - and these were fraudulent statements that appeared in Investors.

Faced with a seemingly promising startup that enjoys high levels of revenue, investors were tempted to offer about $ 123 million during at least two bids for real estate. A subsequent tender bid ensured that Rogas personally won $ 17,5 million.

"In the process of raising money, Rogas also provided the fake bank records he had created to auditors who took appropriate action on behalf of potential investors," prosecutors said.

A survey by FBI led to the arrest of the former CEO. Rogas is now accused of fraudulent securities fraud, offering fraud and selling securities, and defrauding the federal government. court of Manhattan. These charges could lead to 20 years in prison.

Teo Ehchttps://www.secnews.gr
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