The founder and former chief executive officer of an artificial intelligence start-up was indicted on charges of securities and wire fraud for defrauding investors and misleading them about the company’s revenue, annual recurring revenue, and other financial and sales information, the Justice Department announced Tuesday.
According to the DOJ, Baba Nadimpalli founded SKAEL in 2016 and served as its CEO until July 2022, during which he raised more than $40 million from investors by falsely claiming that the company had millions of dollars in annually recurring revenue, which was more than 10 times the true amount.
The DOJ also said ...
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