CaaStle founder charged with fraud, turns herself in

Christine Hunsicker, founding father of the style startup CaaStle, turned herself in to authorities Friday to face fraud expenses, authorities confirmed to Bloomberg. 

The U.S. Legal professional for the Southern District of New York unsealed an indictment towards her, charging her with wire fraud, securities fraud, cash laundering, aggravated identification theft, and mendacity to monetary establishments. She is accused of defrauding her traders out of greater than $300 million.  

Hunsicker resigned as CEO of CaaStle after her board alleged that she misled traders in regards to the firm’s monetary efficiency. The corporate raised greater than $500 million in funding and filed for chapter in June. 
Along with the SEC’s case, an attire firm and an funding car launched by CaaStle are additionally suing the corporate over monetary issues. Two former workers advised TechCrunch they weren’t shocked to listen to the corporate confronted monetary troubles attributable to how discreet executives have been in regards to the firm’s monetary well being.