A former chief executive of NS8, a cyberfraud 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.
NS8’s Co-founder and ex-Chief Financial Officer Adam Rogas 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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