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FBI finally arrested NS8 founder and CEO Adam Rogas after SEC fraud investigation found he defrauded investors of $123 million

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A little over a week ago, we wrote about cyber fraud protection tech startup NS8 after SEC started a fraud investigation about the startup and its CEO following the company’s $100+ million summer financing. A week earlier, NS8 CEO, Adam Rogas, abruptly left the company and the company laid off hundreds of employees.

Finally, justice is about to be served. Today, the U.S. Department of Justice (DOJ) announced that “Adam Rogas, founder, and CEO of a cyber fraud prevention startup has been arrested and charged with the securities fraud scheme.” DOJ said, “Adam Rogas allegedly raised $123 million from investors using financial statements that showed tens of millions of dollars of revenue and assets that did not exist.”

According to DOJ, ROGAS, 43, of Las Vegas, Nevada, is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison, one count of fraud in the offer or sale of securities, which carries a maximum sentence of five years in prison, and one count of wire fraud, which carries a maximum sentence of 20 years in prison.  The maximum potential sentences, in this case, are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

In a statement, DOJ said:

Audrey Strauss, the Acting United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today that ADAM ROGAS, the co-founder and former CEO, CFO, and member of the board of directors of Las Vegas-based cyberfraud prevention company NS8, Inc. (“NS8”), was charged in a Complaint in Manhattan federal court with securities fraud, fraud in the offer and sale of securities, and wire fraud. ROGAS used fraudulent financial data to obtain over $123 million in financing for NS8, of which he personally obtained approximately $17.5 million. ROGAS was arrested today in the District of Nevada and is expected to be presented before a judge there tomorrow.

Acting Manhattan U.S. Attorney Audrey Strauss said: “As alleged, Adam Rogas was the proverbial fox guarding the henhouse. While raising over $100 million from investors for his fraud prevention company, Rogas himself allegedly was engaging in a brazen fraud. Today’s arrest of Rogas ensures that he will be held accountable for his alleged scheme.”

FBI Assistant Director William F. Sweeney Jr. said:  “It seems ironic that the co-founder of a company designed to prevent online fraud would engage in fraudulent activity himself, but today that’s exactly what we allege Adam Rogas did. Rogas allegedly raised millions of dollars from investors based on fictitious financial affirmations, and in the end, walked away with nearly $17.5 million worth of that money. Within our complex financial crimes branch, securities fraud cases remain among our top priorities. We’ve seen far too many examples of unscrupulous actors engaging in this type of criminal activity, and we continue to work diligently to weed out this behavior whenever and wherever we find it.”

Back in June, we wrote about NS8 after the fraud prevention startup raised $123 million Series A funding to provide online fraud detection and prevention for small-and-medium-sized businesses. The round was led by Lightspeed Venture Partners and AXA Venture Partners (AVP).

Founded in 2016 by Adam Rogas, NS8’s fraud prevention platform combines behavioral analytics, real-time scoring, and global monitoring to help merchants of all sizes optimize order processing and minimize risk. Built on the Protect API, this app integrates directly into NS8’s platform and allows merchants to begin fighting fraud within minutes.

ADAM ROGAS was a co-founder of NS8 and served as its CEO, CFO, and a member of its board of directors.  ROGAS was also primarily responsible for the company’s fundraising activities.  NS8, based in Las Vegas, Nevada, is a cyberfraud prevention company that developed and sold electronic tools to help online vendors assess the fraud risks of customer transactions.  In the fall of 2019 and the spring of 2020, NS8 engaged in fundraising rounds through which it issued Series A Preferred Shares and obtained approximately $123 million in investor funds.


Source: https://techstartups.com/2020/09/18/fbi-finally-arrested-ns8-founder-ceo-adam-rogas-sec-fraud-investigation-found-founder-cyber-fraud-prevention-tech-startup-defrauded-investors-123-million/

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Companies Owned by Facebook

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Facebook Inc. is the largest social networking platform in the whole world. It got founded by Mark Zuckerberg and his roommates in 2004. The company has grown globally to rocketing 2.5billion users and a market worth of $479.2 billion. The company had an astounding figure of $18.5 billion net in 2019 and revenue of $70.1 billion. Facebook is one of the best helpful platforms to share your posts and provide new ideas. Writing can help you to get your own audience, as was noted by US Essay Writers.

https://images.pexels.com/photos/927629/pexels-photo-927629.jpeg?auto=compress&cs=tinysrgb&dpr=2&h=650&w=940

 

Since its inception, the platform has grown to incorporate messenger services, media sharing, and augmented services. Acquisitions have set the record straight for growing up the platform and steering it to open up new business ventures and see the revenue rise to higher levels. The strategy that Facebook has applied is to buy off competition before they become massive in the market.

 

The company has faced multiple criticisms that have led to the Federal Trade Commission step in to demand information on unreported purchases made by the platform. The following are the platform’s largest acquisitions.

  1. Instagram
  • Business type: Photo and video-sharing platform
  • Cost: $1 billion
  • Date: April 9, 2012

Instagram got launched in 2010. Users can upload photos and edit them in the same app. It was an independent company up until 2012 when Facebook bought it. Over time, estimates indicate that the app drives in more revenue than Facebook. For the price paid to purchase Instagram, it is best to say that Facebook is willing to pay hefty amounts to buy young companies.

 

  1. Whatsapp
  • Business type: Mobile messenger service
  • Cost: $19 billion
  • Date: February 19, 2014

Whatsapp is an app that supports messenger and calling services and is available worldwide. The app got launched in 2009, and since then, it has allowed its users to send texts and media without incurring any cost. Facebook acquired the app when it reached close to 400 million users every month hence becoming a rival to Facebook. At the time of purchase, the revue of the app had peaked $1.5 billion.

 

  1. Oculus VR
  • Business type: Virtual Reality tech company
  • Cost: $2 billion
  • Date: March 25, 2014

A few weeks after buying Whatsapp, Facebook wasted no time buying off Oculus VR, which was the company responsible for creating virtual reality hardware and software. The company was started in 2012 and is widely known for the gaming headgear named Oculus Rift. Since the purchase, the company has made some acquisitions of its own like the Surreal Vision that maps out 3D scenes.

The purchase of Oculus VR by Facebook plummeted it to the market.

 

  1. Onavo
  • Business type: Mobile web analytics
  • Cost: $100-200 million
  • Date: October 2013

The company got founded in 2010. It is an Israeli company, and it performs web analytics on mobile apps to check customer usage. It is an estimated figure that Facebook used to acquire the company in 2013. It got purchased as an independent company. Even though it is not the largest acquisition yet, Onavo helped Facebook select the companies to get bought. It has, over the years, distinguished as spyware, which forced the platform to withdraw it form apple and android devices.

 

  1. Beluga
  • Business type: Messaging service
  • Cost: Undisclosed
  • Date: March 2011

Beluga got founded in 2010. A year later, Facebook bought it when the company was struggling with startup fundraising. The purchase led to making it the largest social messenger platform. The process helped Facebook buy off rival and knock out competition.

 

Author Bio

Adrian Lomezzo is a freelance writer. Writing always was a big passion for him. As a content manager, he has developed in promoting different sites. After a while, Adrian has been sharing his own experience related to marketing with students for 5 years. Later, Adrian decided to become a freelance writer. To his point of view, he should make students develop in this sphere and make the projects by themselves.

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Federal intelligence agencies used “cell phone cloning attack” to intercept and spy on Antifa and BLM protesters’ communications, new report finds

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Back in June, we wrote about how the Federal Bureau of Investigation (FBI) used open-source intelligence and Internet history to track down a protester who set cop cars on fire. At the time, the FBI tracked down a protester who set cop cars alight by tracing the custom T-shirt she wore at a Philadelphia. Lore-Elisabeth Blumenthal was tracked down by the FBI using her peace tattoo and Etsy and LinkedIn profiles.

Now, the U.S. federal intelligence has taking surveillance to the next level. It turns out that DHS and other federal agencies have been using sophisticated phone “cloning” hardware to impersonate the phones of Antifa and BLM extremists in order to eavesdrop on their phone calls and texts, according to a bombshell report from the Nation. Through this technology, the federal agencies were able to assemble a complete organizational structure and hierarchy map of the leaders involved in the day-to-day operations of these two organizations.

According to the report, for months US federal intelligence officials have been quietly identifying the participants and leaders of both Antifa and BLM organizations, including wealthy donors who are funding these operations. In a new report obtained by Ken Klippenstein for The Nation, U.S. federal agencies including the FBI and the Homeland Security Department (DHS) tapped protesters’ phones in Portland. So far, DHS has declined to comment about the full extent of its intelligence operations in Portland. Below is how the Nation describes the surveillance:

A current DHS official described a colleague with expertise in electronic surveillance who was being deployed to Portland. But for what purpose? “Extracting information from protester’s phones,” the DHS official said. While in Portland, an interagency task force involving DHS and the Justice Department used a sophisticated cell phone cloning attack—the details of which remain classified—to intercept protesters’ phone communications, according to two former intelligence officers familiar with the matter.

Cell phone cloning involves stealing a phone’s unique identifiers and copying them to another device in order to intercept the communications received by the original device. The former intelligence officials described it as part of a “Low Level Voice Intercept” operation, declining to go into further detail—one of them citing the sensitive nature of the surveillance tool and the other an ongoing leak investigation within I&A [Intelligence & Analysis].

Per the Nation, unlike more sensitive, classified intelligence, the journalist reports were based entirely on publicly available information. And while privacy rules generally prevent “US persons” from being the subject of intelligence assessments, it is still not uncommon. “That kind of shit happens all the time,” the former intelligence officer explained.

If the Nation’s report is true, the agencies’ actions may be in violation of Protesters’ First and Fourth Amendment rights. Intercepting protester’s communications is something that requires a whole lot of probable cause. In addition, engaging in sophisticated cloning attacks is not a”Low-Level Voice Intercept.”


Source: https://techstartups.com/2020/09/28/federal-intelligence-agencies-cloned-phones-intercept-surveil-antifa-blm-protesters-communications-new-bombshell-report-finds/

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Elon Musk says Tesla may be overvalued today but thinks the company will be worth more in 5 years

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On May 3, we wrote about Tesla CEO Elon Musk after he tweeted this: “Tesla stock price is too high imo.” Immediately after his tweet, Tesla stock fell more than $40 to a session low of $717.64, before falling even more. Since then Tesla has rebounded and more than double in value.

More than a year later, Musk is back with another prediction. In an interview with Kara Swisher for a New York Times podcast, Musk said he thinks Tesla may be overvalued today but thinks it’ll be worth more in 5 years. Tesla’s stock has already risen more than 400% this year alone.

“Some critical mass of the market has concluded that Tesla will win, I guess,” said Musk on the stock’s increases. “I’ve gone on record already saying the stock prices have been high, and that was well before the current level. But also if you ask me, do I think if Tesla will be worth more than this in 5 years? I think the answer is yes.”

In May, Musk tweeted that Tesla’s stock price was “too high,” which sent it down 12% that day. However, since he made those remarks, shares are up almost 200%.

In the wide-ranging interview, Musk also said, “Tesla at this point is not in mortal danger, as it was, say, three years ago.” Musk added, “The thing that Tesla has been able to achieve is get to volume manufacturing and have sustainable positive free cash flow. From a car company standpoint, that is the real achievement of Tesla.”

“Tesla should be measured by how many years we accelerate the advent of sustainable energy,” said Musk.

This is not the first time Musk has stirred controversy on social media. In September 2018, Musk was sued by the U.S. Securities and Exchange Commission for a tweet claiming that funding had been secured for potentially taking Tesla private.

Two days later, Musk reached a settlement with the SEC, without admitting or denying the SEC’s allegations. As a result, Musk and Tesla were fined $20 million each, and Musk was forced to step down temporarily as Tesla chairman, while remaining Tesla’s CEO.

Also in August 2018, Musk has faced problems from the Security and Exchange Commission (SEC) for tweeting about the company’s stock and agreed to submit public statements for vetting. Musk also said he was “selling almost all physical possessions” and to give people back their freedom, presumably referring to shelter-in-place orders.

You can listen to the entire interview on Spotify.


Source: https://techstartups.com/2020/09/28/elon-musk-say-tesla-may-overvalued-today-thinks-will-worth-5-years/

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