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Four Charged with $150 Million Fraud on San Diego Technology Company | #phishing | #scams | #hacking | #aihp


Federal courthouse in downtown San Diego. Photo by Chris Stone

Four people have been charged by federal prosecutors with allegedly defrauding a San Diego technology company during its $150 million purchase of the defendants’ tech start-up, according to an indictment unsealed Tuesday.

According to the U.S. Attorney’s Office, the defendants marketed their startup’s microchip technology to the unidentified victim company in 2015.

Though their sales pitch represented that the technology was invented by a Canadian grad student, prosecutors said it was not disclosed that the student was related to one of the defendants, Karim Arabi, who was working as the victim company’s vice president of research and development while creating the technology at issue.

The indictment identifies the relative as Arabi’s sister, Sheida Alan, who is also charged in the case.

Prosecutors said Arabi’s employment agreements held that intellectual property he created would belong to the victim company, so the defendants hid his involvement with their Sunnyvale-based startup, which was dubbed “Abreezio.”

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