United States SEC Charged Software Technology Company SKAEL Co-founder & ex-CEO Baba Nadimpalli for Fraud, Raised $30 Million from Investors by Claiming Millions of Annual Recurring Revenue But Only Had Less than 10% of Stated Revenue & Well-Known Companies, Forged Bank Statements to Show Payments from Customers, Spent Hundreds of Thousands on Personal Expenses Including for House & Car
27th September 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has charged software technology Company SKAEL Co-founder & ex-CEO Baba Nadimpalli for fraud, raising $30 million from investors by claiming millions of annual recurring revenue but only had less than 10% of stated revenue & well-known companies, forged bank statements to show payments from customers, and spent hundreds of thousands on personal expenses including for house & car. United States SEC (24/9/24): “The Securities and Exchange Commission today announced fraud charges against Baba Nadimpalli, the co-founder and former CEO of SKAEL Inc., a San Francisco-based private technology company that developed business automation software. According to the SEC’s complaint, from January 2021 through February 2022, Nadimpalli raised more than $30 million from investors by falsely claiming that SKAEL had millions of dollars in annually recurring revenue, which was more than 10 times the true amount. The complaint also alleges that Nadimpalli falsely suggested to investors that SKAEL’s customers included a number of well-known companies, and, further, that Nadimpalli forged bank statements to show nonexistent payments from customers. Nadimpalli also allegedly spent hundreds of thousands of dollars of SKAEL’s money on his own personal expenses, including payments on his house and car. The SEC’s complaint, filed in U.S. District Court for the Northern District of California, charges Nadimpalli with violating the antifraud provisions of the federal securities laws. The complaint seeks permanent injunctions, including a conduct-based injunction, disgorgement plus prejudgment interest, civil penalties, and an officer-and-director bar.”
“ United States SEC Charged Software Technology Company SKAEL Co-founder & ex-CEO Baba Nadimpalli for Fraud, Raised $30 Million from Investors by Claiming Millions of Annual Recurring Revenue But Only Had Less than 10% of Stated Revenue & Well-Known Companies, Forged Bank Statements to Show Payments from Customers, Spent Hundreds of Thousands on Personal Expenses Including for House & Car “
United States SEC Charged Software Technology Company SKAEL Co-founder & ex-CEO Baba Nadimpalli for Fraud, Raised $30 Million from Investors by Claiming Millions of Annual Recurring Revenue But Only Had Less than 10% of Stated Revenue & Well-Known Companies, Forged Bank Statements to Show Payments from Customers, Spent Hundreds of Thousands on Personal Expenses Including for House & Car
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