Law360 (August 25, 2021, 5:32 PM EDT) — The co-founder and former CEO of Silicon Valley mobile app company HeadSpin Inc. on Wednesday was arrested and accused of falsely inflating the startup’s revenue and misstating key financial metrics, allegedly defrauding investors out of tens of millions of dollars.

Manish Lachwani, 45, of Santa Clara County, California, was charged with securities fraud and wire fraud for what prosecutors say was a multiyear scheme to attract investment in HeadSpin by puffing up the value of existing customer deals and fabricating future payments.

Lachwani is also facing a parallel civil suit by the U.S. Securities and Exchange Commission.

“We allege that Lachwani…

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