Raz admitted to defrauding venture capital funds and private investors. She did so by submitting forged bank statements, fictitious customer contracts and false financial reports that inflated the company’s reported revenue
Ilit Raz, the Israeli founder and former CEO of AI startup Joonko, pleaded guilty in a New York court last night to securities fraud, the U.S. Department of Justice said.
According to the department, Raz admitted to defrauding venture capital funds and private investors in order to raise about $27 million. She did so by submitting forged bank statements, fictitious customer contracts and false financial reports that inflated the company’s reported revenue. When board members and investors began to raise concerns and question Joonko’s true financial condition, Raz continued providing fraudulent documents in an effort to buy time, the department…
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