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Securities,
Civil Litigation,
Government

Apr. 3, 2019

Palo Alto company’s founder settles SEC lawsuit

The U.S. Securities and Exchange Commission on Tuesday fined Austrian businessman Daniel Mattes $17 million to settle charges he defrauded investors of Palo Alto-based Jumio Inc., an identify-verification service provider.

The U.S. Securities and Exchange Commission on Tuesday fined Austrian businessman Daniel Mattes $17 million to settle charges he defrauded investors of Palo Alto-based Jumio Inc., an identify-verification service provider.

The SEC complaint, filed in the Northern District of California, alleges Mattes, Jumio’s founder and former CEO, made nearly $14 million by selling his shares in the company and hiding the profits from investors....

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