Eran Eyal out on bail for fraud charge – I am innocent

New York Attorney General Barbara Underwood recently announced a felony indictment charging the former CEO of Springleap – Eran Eyal – with fraud.

Eyal allegedly stole $600,000 from investors by fraudulently soliciting investors to purchase convertible notes through false representations of his company.

“As we allege, this massive securities fraud scheme bilked investors out of hundreds of thousands of dollars,” said Underwood.

Springleap was a purported global crowdsourcing company that offered marketing, digital media, and platform design services to clients.

According to statements made by the prosecutor, between 2014 and 2015, Eyal allegedly attracted investors to Springleap through a series of false representations.

These false representations related to the company’s management team, advisory board, creative professionals, and client base.

A report from the Sunday Times now states that the case reads like “an excerpt from The Wolf of Wall Street”.

It reports that Eyal has been released from Rikers Island, three weeks after his arrest, following a bail payment of $250,000.

Eyal said he was innocent this week, and that the charges were “malicious allegations and rumours”.

He added that many of the allegations could be disproven with “simple Google searches”.

Shopin

The report further stated that a Bed Bath & Beyond spokesperson said the company could not find any records indicating it conducted business with Shopin.

This follows Eyal stating Shopin conducted pilots with three top US retailers, including Bed Bath & Beyond.

Shopin is a blockchain start-up Eyal founded in 2017 and has cryptocurrency assets worth $42.5 million.

It has also been reported that a case was lodged against Eyal in India in 2017, after Rupinder Singh Arora alleged he was duped out of $50,000 he invested in Springleap.

The second case is yet to go to trial.

A separate case involving a Swiss investment company – Abreziel Holdings – was also reported, in which the company took legal action against Eyal and his former business partner.

A settlement was reportedly reached, where Eyal and his partner paid $125,000.

Now read: The $2-billion Bitcoin whale that fueled a selloff

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Eran Eyal out on bail for fraud charge – I am innocent