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California Tech Founder Admits to Defrauding $4M For His Luxury Lifestyle

The tech startup "purported to make smart home and business products," writes America's Justice Department — products that were "meant to stop package theft, prevent weather damage to packages, and make it easier for emergency responders and delivery services to find homes and businesses." R...

For example, Time Magazine included his eLiT Address Box & Security System, which used mobile networks to pinpoint home and business locations, on its Best Inventions of 2021 list. The owner of a California tech startup has pleaded guilty to stealing over $4 million from investors, private lenders and the U.S. government in order to live a luxurious lifestyle, the United States Attorney's Office announced Monday... When investors asked about product delays and when they'd be paid back, Newcomb made excuses and provided conflicting info, telling them that there were supply chain issues or software problems, according to the indictment.

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