Rishi Shah: Indian-American ex-billionaire defrauded Google and Goldman, sentenced to 7.5 years in prison

Rishi Shah, 38, is the co-founder of Outcome Health, a startup that provides advertising on doctor's office TVs. Investors including Goldman Sachs Group Inc. and Google parent Alphabet Inc. made Shah a Chicago billionaire, but it was all a fraud because the company sold more ads than it could air and lied to clients such as pharmaceutical giant Novo Nordisk A/S about the size of its doctor's office TV network, Bloomberg reported. Shah was sentenced in April 2023 along with the company's president and co-founder Shraddha Agarwal and CFO Brad Purdy. The fraud came to light in 2017 when investors sued Shah's Outcome Inc. for fraud related to a $487.5 million fundraising that year, for which Shah and Agarwal received $225 million in dividends. “I am ashamed and embarrassed” Rishi Shah told the court he was ashamed and embarrassed that he had failed to properly manage the company's aggressive growth strategy, which led to many “fatal mistakes,” such as not tracking the delivery of ads paid for by clients. In a statement, he said, “The culture I created led team members to believe it was OK to fabricate false data to answer clients' questions.” Rishi Shah conceived the company in 2006 while he was a student at Northwestern University in Chicago. As the company expanded, his profile grew and he became a rising star in Democratic circles. The son of a doctor, Rishi dropped out of college to start the company. Meanwhile, Shah and his associates lived a lavish lifestyle, owning private planes and yachts.

Sources 1/ https://Google.com/ 2/ https://timesofindia.indiatimes.com/world/us/this-indian-american-ex-billionaire-frauded-google-goldman-gets-7-5-year-sentence/articleshow/111413566.cms The mention sources can contact us to remove/changing this article

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