Christopher Kirchner, the 35-year-old founder of a Southlake-based supply-chain management startup, was indicted Thursday on five counts of wire fraud and...
According to government prosecutors, Kirchner diverted at least $25 million of investor money for his personal use while serving as Slync’s CEO from 2017 to 2022, when he was fired by the company’s board of directors following allegations of misconduct.
Authorities say some of the money was transferred from the company’s Silicon Valley Bank account into a Chase Bank company account that only he could access and then into Kirchner’s personal account. Around $20 million was transferred directly from the Silicon Valley account into his personal account. That money was allegedly used to fund a lifestyle federal prosecutors are calling lavish and splashy.
Slync raised around $57 million in two funding rounds. All of those funds were wired into Slync’s Silicon Valley Bank account and were to be used for developing products and covering other general company expenses. According to the Justice Department, Slync was “drained of funds” and struggled to make payroll in spring of 2022.
While waiting for that money, Kirchner tried to excuse the payroll issues by first claiming the company’s cash was invested in assets that were difficult to divest then later told the company’s leaders that the federal government froze the company’s accounts because of transactions he had with sanctioned entities in Russia, prosecutors said.
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