October 18th, 2014
(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: email@example.com
Former Motionloft CEO Jonathan Mills has pled guilty to two counts of wire fraud. The San Francisco entrepreneur, who raised funding from Mark Cuban, was arrested by the FBI in February. He admitted to spending “substantial amounts” of his victims’ money on “vacations and other entertainment,” like that time he hired Grammy-award winner Miguel (above) for a private show and numerous trips to Vegas.
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The U.S. Attorney’s Office for the Northern District of California initially charged Mills with four counts of money laundering. But as part of the plea agreement, Mills got that down to two counts of wire fraud.
He faces a maximum of 20 years in prison and a $250,000 fine for each count of wire fraud. Mills admitted that his actions, including lying about an acquisition from Cisco, caused his victims to lose about $765,000.