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Fraud prevention startup NS8 implodes as SEC investigates them for…. fraud

by on September 17, 2020

 

“We’re just, a sign of the times
 We’re just, a sign of the times
 We’re just, a sign of the times
 We’re just, a sign of the times”
— Quiet Riot, Sign of the Times

It can’t get much more 2020 than this: Las Vegas based fraud prevention start-up, NS8, who just raised $123 million from the VC firm Lightspeed, just fired nearly everybody via an all hands Zoom meeting, and disclosed that they were under investigation by the SEC. Apparently the company’s finances “were not as they seemed”.

Heading into the equity raise they boasted a 200% jump in ARR but was burning between $4 and $6 million per month. The company apparently had offices in Miami, Amsterdam, Singapore, Melbourne, Australia, and San Ramon, California.

CEO Adam Rogas has been ousted, and Lightspeed is asking questions.

Read more: https://www.forbes.com/sites/davidjeans/2020/09/11/fraud-prevention-startup-ns8-fraud-investigation-sec/

 

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