PIO start – up execs convicted on $ 1 billion fraud charges

New York : Two Indian – origin executives of a Chicago – based start – up have been convicted by a federal jury in the US of running a $ 1 billion corporate fraud scheme that targeted the company’s clients , lenders and investors .

Following a 10 – week – long trial , jurors on Tuesday found health technology company Outcome Health co – of under and former CEO Rishi Shah guilty on 19 of 22 counts , cofound der and for me preside ntShradha Agarwal guilty on 15 of 17 counts and for merwife operating officer Brad Purdy guilty on 13 of 15 counts . Shah , 37 , was convict ted of five counts of mail fraud , 10 counts of wire fraud , two counts of bank fraud and two counts of money launder ring . The defendants face a maximum penalty of 30 years in prison for each count of bank fraud and 20 – year imp presentment for each count of wire fraud and mail fraud .