Jumio Inc. founder and former chief executive offer Daniel Mattes agreed to pay more than $17 million to settle the charges of defrauding investors, the Securities and Exchange Commission said in a statement.
Mattes “grossly overstated” the private mobile payments company’s 2013 and 2014 revenues and then sold shares he held personally to investors in the private, secondary market, according to SEC’s complaint filed in federal court in California.
The complaint alleges that Mattes made about $14 million by selling his Jumio shares and hid these sales from Jumio’s board.
Jumio restated its financial results in 2015, wiping out most ...
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