Ex-CEO at NS8 imprisoned 5 years, to forfeit $17.5M for fabricating revenue

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The co-founder of NS8, a cyber-fraud prevention company, was sentenced to five years in prison and ordered to forfeit $17.5 million for defrauding investors of more than $100 million, the Department of Justice (DOJ) announced Thursday.

Adam Rogas, who formerly served as chief executive officer and chief financial officer at NS8, pleaded guilty in March in U.S. District Court for the Southern District of New York for fabricating customers, revenue, and assets for the fraud detection software company. The misstatements allowed him to defraud investors with the help of co-founder and Chief Information Officer David Hansen, according to the DOJ.

Rogas controlled a company bank account into which NS8 customer revenue was deposited. He provided monthly statements from the account to the finance department so it could create NS8’s official financial statements. He also controlled spreadsheets intended to track customers and revenue.

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