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This is clearly a conflict of interest. The founder should have disclosed the terms of employment offer to the investors (if not general public)

On what basis are you saying that they didn't?

Edit: Well, now we know. "No basis" actually turned out to be an understatement. http://news.ycombinator.com/item?id=779693

Edit 2: just noticed that it was you who asked the question. Credit where credit's due.