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CEO who ran tech unicorn once valued at $1.2 billion charged with fraud after allegedly spending millions on his wedding and art classes

Authorities charged the ex-CEO of a former unicorn, buzzy social media startup IRL (which stands for “in real life”) with fraud and obstruction after an investigation showed the executive allegedly misled investors and then trashed files by restoring his cell phone to a previously saved backup that deleted relevant records. According to the Department of Justice, Abraham Shafi, 38, who lives in Hawaii, allegedly told venture capital investors the growth of his event-based social media app, IRL, ...

Read more at fortune.com

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