Silicon Valley tech startup founder sentenced to 1½ years in prison for fraud

SAN FRANCISCO — A U.S. District Court judge on Friday sentenced a former Silicon Valley tech entrepreneur to serve 1½ years in federal prison for duping investors into backing a software-as-a-service company he founded, according to authorities.to two counts of wire fraud and one count of securities fraud in April 2023, the U.S. Attorney’s Office said in a news release.

Lachwani also admitted he knowingly sent HeadSpin’s accountant false information about customer contracts that was incorporated into the company’s financial statements, as well as invoices Lachwani knew had been changed to show amounts that had not actually been invoiced to clients, according to authorities.

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