SEC Charges Former CEO of Jumio Inc. with Defrauding Investors

sec.gov

45 points·chmaynard··19 comments

For those who don't want to read the press release, it's Daniel Mattes, former CEO of Jumio Inc.

He agreed to pay more than $17 million to settle the charges

Confused why there are being labeled a "mobile payments company." I thought Jumio was an identity verification service?

I think their original pitch was that they had an OCR service for credit cards. It's still on the website: https://www.jumio.com/id-verification/bam-checkout/

Steal 17 million dollars from investors, literally not a day in jail.

Steal 17 dollars from a department store and see how that goes.

Welcome to America.

> Steal 17 million dollars from investors, literally not a day in jail

We saw similar comments following the SEC fining Elizabeth Holmes. Criminal investigations take longer than civil proceedings, and the SEC doesn't have the power to bring the former.

Elizabeth Holmes is in jail?

She's currently out on $500,000 bail while the criminal charges against her proceed, but prison time is at issue with the charges.

No(t yet): https://en.wikipedia.org/wiki/Elizabeth_Holmes#Criminal_char...

To be fair, this is just what the SEC can do. DOJ can still file charges that lead to jail but they take longer.

Pshh 17 million? Try the entire housing market collapse 11 years ago that sent the U.S. economy into a recession. I think one guy was put behind bars IIRC? Now _thats_ America.

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