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VC Firm CEO Gets Six Years in Prison for Ponzi Scheme David Wagner solicited nearly $10 million and used investor funds to buy a Porsche and pay earlier investors. The CEO of a purported venture capital (VC) firm has been sentenced to six years in prison for securities fraud and wire fraud in connection with operating several corporate entities as a Ponzi-like scheme. David Wagner, CEO of venture capital firm Downing, had previously pleaded guilty to soliciting nearly $10 million from approximately 40 investors through materially false and misleading statements. Wagner used a significant portion of those funds to pay management fees, repay prior investors, and pay for personal expenses, including a Porsche.

New yorkUnited statesMarc lawrenceDavid wagnerCliniflow technologiesSouthern districtSouthern district of new yorkSecurities fraudWire fraudபுதியது யார்க்ஒன்றுபட்டது மாநிலங்களில்மார்க் லாரன்ஸ்டேவிட் வாக்னர்தெற்கு மாவட்டம்தெற்கு மாவட்டம் ஆஃப் புதியது யார்க்பத்திரங்கள் மோசடி