Indian-origin ex-CEO of Silicon Valley start-up founder pleads guilty of fraud

A 47-year-old Indian-origin former CEO of a Silicon Valley technology company pleaded guilty to securities fraud for overstating revenue to investors, according to the Attorney’s Office in the US state of California.

Manish Lachwani, the former CEO and founder of a tech start-up, HeadSpin, pleaded guilty in San Francisco federal court on Thursday to two counts of wire fraud and one count of securities fraud charges for his scheme to dupe potential investors into supporting his company, according to a press release by the US Attorney’s Office.