Security News > 2020 > September > CEO of Cyber Fraud Prevention Firm NS8 Charged With Fraud
The founder and CEO of NS8, a cyber fraud prevention and protection company, has been charged with fraud just months after the firm raised $123 million in funding, the U.S. Justice Department and the Securities and Exchange Commission announced on Thursday.
The DoJ said Adam Rogas, 43, of Las Vegas, Nevada, was arrested and charged with securities fraud, fraud in the offer and sale of securities, and wire fraud.
The securities fraud and wire fraud charges each carry a maximum sentence of 20 years in prison.
Speaking to Forbes one week prior to his arrest, Rogas said he had left NS8 for personal reasons, and denied walking away with the company's money.
"As alleged, Adam Rogas was the proverbial fox guarding the henhouse. While raising over $100 million from investors for his fraud prevention company, Rogas himself allegedly was engaging in a brazen fraud. Today's arrest of Rogas ensures that he will be held accountable for his alleged scheme," said Audrey Strauss, the acting US attorney for the Southern District of New York.