Israeli Tech CEO Admits to Defrauding Investors of $27 Million in US
Israeli entrepreneur Eyalit Raz, the founder and CEO of the artificial intelligence company Joonko, has pleaded guilty to securities fraud in a New York federal court, the U.S. Department of Justice announced. Raz admitted to defrauding investors and fraudulently raising $27 million by misrepresenting the company's revenues and client base.
According to authorities, Raz used falsified bank statements and purchase orders to deceive venture capital firms. The 40-year-old entrepreneur faces a maximum sentence of 20 years in prison.
Joonko, which Raz founded, aimed to help companies recruit AI talent. The company had previously raised significant funding from prominent investors.
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