A jury convicted Christopher Kirchner, 37, of 4 counts of twine fraud and 7 counts of enticing in financial transactions in belongings.
WESTLAKE, Texas — The founding father of Slync, a supply-chain control device startup, was once sentenced to twenty years in federal jail for defrauding buyers of tens of hundreds of thousands of greenbacks, government introduced Thursday.
A jury convicted Christopher Kirchner, 37, of 4 counts of twine fraud and 7 counts of enticing in financial transactions in belongings derived from specified illegal job. He was once sentenced to 240 months in federal jail through U.S. District Pass judgement on Mark Pittman, who additionally ordered him to pay greater than $65 million in restitution.
“At the same time as his corporate was once circling the drain, Chris Kirchner was once spending hundreds of thousands of his buyers’ cash on himself. It seems that, projecting non-public prosperity was once extra essential to him than making payroll,” Simonton stated.
Kirchner based Slync in 2017 and held the location of CEO till his termination through the Board of Administrators in 2022. He was once first of all charged in February 2023 after he was once arrested at his house in Westlake on allegations that he misappropriated $20 million from the corporate.
Kirchner fraudulently raised greater than $71 million over two years from a large number of buyers according to false representations and guarantees about Slync’s trade operations, false representations about its financials, false representations about its shoppers and fantastical income projections. He then misappropriated over $25 million of the investor finances in quite a lot of tactics, consistent with proof introduced on the sentencing listening to.
Between April 2020 and March 2022, Kirchner initiated just about 100 twine transfers shifting cash from his corporate’s Silicon Valley Checking account into the corporate’s account at JPMorgan Chase Financial institution which handiest he may get entry to. He then stressed out probably the most cash from the Chase account to his non-public financial institution accounts.
Kirchner additionally stressed out $20 million at once from Slync’s Silicon Valley Checking account into his non-public bank account.
With the misappropriated finances, Kirchner purchased a $16 million non-public jet, a set at AT&T Stadium, unique automobiles together with a Rolls Royce and Mercedes Benz G-Elegance, and jewellery together with a $500,000 Richard Mille watch, a number of Rolex watches and a Cartier necklace.
