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Home : Venture Capital : Former venture capital manager convicted of stealing 20 million from clients
Former venture capital manager convicted of stealing 20 million from clientsA 49-year-old former Silicon Valley venture capital fund manager was convicted of stealing more than $20 million from 13 clients.
Following a two-month-long trial, a Santa Clara County jury convicted Moses Joseph of 22 felony counts that included theft, securities fraud, forgery and fabricating evidence. He is scheduled to be sentenced Oct. 24, according to the district attorney's office. Joseph faces up to 28 years in prison. Prosecutors say that in 1999, Joseph began working as the manager of Anila Fund, a $15 million venture capital fund in Palo Alto. Over the next six years, he formed shell companies to raise money for the fund. Joseph obtained loans and investments from banks, large corporations and some private citizens by exaggerating his personal wealth and the success of the shell companies, according to prosecutors. He provided his investors with dozens of phony financial statements and counterfeit documents, and forged signatures on signature cards, bank checks and stock certificates. At his sentencing, he is expected to be ordered to pay restitution to the 13 clients, which include US Bank, Wells Fargo, Eastman Kodak, Bank One and Silicon Valley Bank. http://www.mercurynews.com/peninsula/ci_10327846 420 times read
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