Man Arrested For Conning Investors About Face-Recognition System
from the can-you-recognize-this-face? dept
alex writes in with a link to a story about a con man who was arrested for lying to investors about a face recognition system he claimed to be developing to help identify terrorists. Trouble was, he wasn't actually working on any such thing - he was working on scamming investors. The article linked above doesn't give many details, but other articles on the arrest point out that he conned 32 people out of half a million dollars (while another half a million dollars was raised for another fraudulent company the same guy was running under a different name). Once again, it makes you wonder what kind of due diligence these investors do. Apparently, with the face recognition company, investors were told that they had patents pending, that they employed high ranking former Netscape executives, and that they were close to doing an IPO. All of these should have been fairly easy to confirm or disprove.
Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.
While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.
–The Techdirt Team
Reader Comments
Subscribe: RSS
View by: Time | Thread
No Subject Given
[ link to this | view in chronology ]