The founder of a “smart ring” startup company was found guilty of lying to investors to further her nearly $2 million Ponzi scheme, the US Department of Justice (DOJ) announced.

In February 2017, Michelle Bisnoff founded Esos Rings Inc. in California and falsely claimed she owned the primary patent for a wearable ring, which handled payments by embedding the wearer’s credit card information, the DOJ said on Sept. 25.  

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Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government. Email: adrianne.appel@complianceweek.com LinkedIn:...