Fraud Prevention CEO Is Charged With Fraud for Fake Sales (1)

The founder of cyberfraud prevention company NS8 Inc. was accused by federal prosecutors of raising more than $100 million for the firm by misleading investors about the state of its finances.

NS8 said it is cooperating with investigators and has learned that the founder and former chief executive officer, Adam Rogas, “fabricated” much of its revenue, leaving it “working to determine” its financial options. Rogas was arrested Thursday in Las Vegas, where NS8 is based, over a criminal complaint.

“Adam Rogas was the proverbial fox guarding the henhouse,” Audrey Strauss, the acting U.S. attorney in Manhattan, said in ...