California man used $23M in investor funds to live lavishly, bought cars and Chicago condo: prosecutors [Yahoo! Finance]
Maplebear Inc. (CART)
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Source: Yahoo! Finance
Sean Grusd, 32, from Los Angeles, ran three investment funds he claimed would focus on private financial technology companies, according to prosecutors. He convinced more than a dozen victims to invest by offering misleading information about his funds' supposed past successes. Starting in 2021, Grusd marketed his funds using false claims, including that one of them had been an early investor in well-known startups like Instacart, Coinbase, and Shippo. He also falsely claimed to be a Harvard Law School graduate and that he managed the portfolio of a major investment firm's CEO, prosecutors said. His elaborate scheme convinced victims, some of whom invested significant portions of their life savings, to entrust their money to him. However, instead of investing the funds as promised, Grusd funneled the money into his personal accounts and spent it on luxury items, such as Porsche and Tesla cars, high-end condos in Chicago and Montreal, as well as on lavish travel and entertainmen
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CART
Earnings
- 8/6/24 - Beat
CART
Sec Filings
- 10/22/24 - Form 4
- 10/21/24 - Form 144
- 10/21/24 - Form 144
- CART's page on the SEC website