Security News > 2020 > September > Online fraud prevention biz fails to prevent CEO's alleged offline fraud

It seems ironic that the co-founder of a company designed to prevent online fraud would engage in fraudulent activity.

"It seems ironic that the co-founder of a company designed to prevent online fraud would engage in fraudulent activity himself, but today that's exactly what we allege Adam Rogas did," Sweeney said in a statement.

The security upstart's online fraud prevention platform is designed for payment gateways, ecommerce platforms, online merchants, and event ticketing, though not internal spreadsheet fiddling.

What made the fraud possible, according to the complaint, was that Rogas, until he stepped down, was the only individual at the biz with access to the bank account used for collecting customer revenue and the spreadsheets used to track that financial data.

Rogas faces three charges: one count of securities fraud; one count of fraud in the offer or sale of securities; and one count of wire fraud.

News URL

https://go.theregister.com/feed/www.theregister.com/2020/09/18/antifraud_biz_boss_charged/