Clothing tech entrepreneur charged with $300 million fraud in US

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A prominent entrepreneur who founded the now-bankrupt clothing technology startup CaaStle was criminally charged on Friday with defrauding investors out of more than $300 million, the U.S. Department of Justice said.

Authorities said Christine Hunsicker, 48, of Lafayette, New Jersey, promoted CaaStle to investors as a more than $1.4 billion “Clothing-as-a-Service” business that helped companies rent apparel to consumers with an option to buy, despite knowing it was financially distressed and short of cash.

The alleged fraud spanned six years starting…



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Clothing tech entrepreneur charged with $300 million fraud in US



A prominent entrepreneur who founded the now-bankrupt clothing technology startup CaaStle was criminally charged on Friday with defrauding investors out of more than $300 million, the U.S. Department of Justice said.

Authorities said Christine Hunsicker, 48, of Lafayette, New Jersey, promoted CaaStle to investors as a more than $1.4 billion “Clothing-as-a-Service” business that helped companies rent apparel to consumers with an option to buy, despite knowing it was financially distressed and short of cash.

The alleged fraud spanned six years starting…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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