Hank Risan, a 70-year-old CEO from Santa Cruz, was arrested for wire fraud linked to his music streaming service, BlueBeat Inc. The FBI's investigation led to charges including the misrepresentation of copyright ownership of 2.5 million songs and falsely inflated valuations of both BlueBeat and Media Rights Technologies Inc. Risan convinced investors to purchase approximately $1.9 million in stock while making misleading claims about partnerships and potential acquisitions. These allegations were formalized in an indictment filed on July 31, revealing the extent of the deception within the investment strategy.
Hank Risan, CEO of Media Rights Technologies Inc., was indicted on four charges of wire fraud for misrepresenting his music streaming service, BlueBeat.
Risan allegedly falsely claimed copyright ownership of 2.5 million songs and inaccurately projected valuations and imminent acquisition discussions regarding BlueBeat.
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