After pleading guilty to fraud, Adam Rogas told Forbes that the pressures of running a startup pushed him to take illegal actions.
After pleading guilty to fraud, Adam Rogas, pictured, told Forbes that the pressures of running a startup pushed him to take illegal actions.Time was running out for Adam Rogas. It was August 2020, and the board of his fraud prevention software company, called NS8, was about to discover there was no cash in the bank and that their CEO had been lying to them for years about revenue figures — before personally pocketing millions of dollars of investors’ money, according to the U.S.
But the financial statements Rogas provided to raise funding were falsified for years. He was the only person with access to a company account with Bank of America that received customer payments and revenue, while investor funding and payroll went in and out of a separate account accessed by other employees, according to the Justice Department.
In the case of NS8, Rogas says the company was adding customers, but the problem was that the company wasn't addingHe adds: “there was still this concept of growth, this concept of users that supported the company…these were all metrics that were growing.”
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