PORTLAND, ME - AUGUST 9: Controversial developer Michael Liberty, center, appears in federal court Wednesday for sentencing on illegal campaign contributions. Federal prosecutors indicted Michael Liberty, accusing the founder of Mozido of criminal fraud in connection with his fundraising activity around the once highly valued financial technology startup.
The 15-page criminal indictment filed in federal court in Portland, Maine, largely tracks a Securities and Exchange Commission enforcement action filed last year accusing Liberty of defrauding 200 individual investors from which he raised $55 million. Federal prosecutors claim that Liberty used shell companies between 2010 and 2017 that diverted funds raised from individual investors for Mozido for his personal use. Liberty has previously denied any wrongdoing.
The money Liberty raised for Mozido from individual investors was separate from the $300 million he raised from prominent Wall Street and Silicon Valley investors, including hedge fund legend Julian Robertson, Google billionaire Eric Schmidt’s venture fund and Wellington Management.
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