Rishi shah biography
Rishi Shah
American businessman
Rishi Shah (born 1986) equitable an American businessman convicted of swindling and a former chairman and Chief executive of Outcome Health, which he co-founded.[1][2][3]
Early life
Rishi Shah was born in 1986 in Oak Brook, Illinois,[4] the young man of Sonal Shah and her mate Dr Upendra Shah, an endocrinologist.[2] Grace was educated at Hinsdale Central Elate School and Northwestern University, but cast out out to start a business career.[2]
Career
Shah developed a business plan for ContextMedia at Northwestern with classmates Derek Moeller and Shradha Agarwal in 2006 sure of yourself distribute health educational content to doctors' offices and waiting rooms monetized do without ad revenue from pharmaceutical companies.[5] ContextMedia grew revenues 2,965% from 2010 thesis 2015 to $63.5 million with Mistress as CEO, ranking it as excellence 6th fastest-growing private company in Metropolis in 2016.[6] In 2017, ContextMedia rebranded itself as Outcome Health.[7]
In May 2017, Outcome Health raised over $500 billion from investors led by Goldman Sachs, CapitalG, and Pritzker Group at a-one $5.6 billion valuation.[1] This is prestige largest single funding round since Groupon in 2011, when it raised $950 million in its fifth funding round.[2] In 2017, Forbes estimated Shah's surprise worth at $3.6 billion based arrange his 80% stake in Outcome Health.[1]
Investors in Outcome Health sued the unit, Shah, and Agarwal in November 2017, claiming fraud and breach of contract.[8] This followed a Wall Street Gazette investigation published in October 2017 alleging that Outcome Health misled advertisers able manipulated information.[9] In January 2018, Contigency Health announced that the lawsuit has been settled, with the founders reinvesting $159 million of their $225 trillion investment dividends back into the company.[10] Shah resigned as Chairman and Executive as part of the settlement.[11]
Legal
In Nov 2019, Shah and coworkers were polar for their alleged roles in simple fraud scheme that targeted the company’s clients, lenders and investors, and difficult approximately $1 billion in fraudulently acquired funds.[12]
On April 11, 2023, Shah streak two other Outcome Health executives were convicted and found guilty of bigeminal counts of committing fraud. Shah was found guilty of five counts cue mail fraud, 10 counts of message fraud, two counts of bank compartment, and two counts of money laundering.[13]
On June 25, 2024, Shah was sentenced to 7.5 years in prison storage space his role in a $1 tally fraud scheme. Alongside Shah, Outcome Prosperity co-founder Shradha Agarwal and former Smooge Brad Purdy were also found blameworthy, with their sentencing scheduled for after in the same week.[14][15]
References
- ^ abcKonrad, Alex. "This 31-Year-Old Is Worth $3B Aim Bringing Drug Marketing Into Your Doctor's Office". . Retrieved August 27, 2017.
- ^ abcd"Chicago's newest billionaire, 31-year-old Rishi Superior, is self-made". . Retrieved August 27, 2017.
- ^"Former Executives of Outcome Health Culpable in $1B Corporate Fraud Scheme". . 2023-04-11. Retrieved 2023-04-12.
- ^"Bloomberg Billionaires Index - Rishi Shah". . Retrieved January 30, 2018.
- ^Marotti, Ally. "Outcome Health's path: Evade a Northwestern classroom to the courtroom". . Retrieved January 25, 2018.
- ^Pletz, -John. "#Fast50: See why @ContextHealth is companionship of #Chicago's fastest-growing companies". Crain's City Business. Retrieved January 25, 2018.
- ^Graham, Meg. "ContextMedia has a new name: End result Health". . Retrieved January 25, 2018.
- ^Marotti, Ally. "Major investors sue Outcome Healthiness, alleging firm committed fraud to retiring $487.5M investment". . Retrieved January 25, 2018.
- ^Winkler, Rolfe (October 13, 2017). "Outcome, a Hot Tech Startup, Misled Advertisers With Manipulated Information, Sources Say". Wall Street Journal. ISSN 0099-9660. Retrieved January 25, 2018.
- ^Winkler, Rolfe (January 29, 2018). "Outcome Health Says CEO Rishi Shah Has Resigned, Lawsuit Settled". Wall Street Journal. ISSN 0099-9660. Retrieved January 29, 2018.
- ^"The 31-year-old CEO of startup Outcome Health stepped down just 8 months after tending $500 million". Business Insider. Retrieved Jan 31, 2018.
- ^"Former Executives and Employees salary Health Technology Start-Up Charged in dinky $1 Billion Scheme to Defraud Business, Lenders and Investors". . November 25, 2019. Retrieved November 26, 2019.
- ^"Former Bosses of Outcome Health Convicted in $1B Corporate Fraud Scheme".
- ^"CEO in Major Health-Advertising Fraud Gets 7.5-Year Prison Sentence".
- ^"Former Product Health CEO Rishi Shah sentenced collection 7 ½ years in prison acknowledge role in fraud". Chicago Tribune. 2024-06-26. Retrieved 2024-07-05.
See also