Royce Newcomb, a tech startup owner from California, has pleaded guilty to embezzling over $4 million from investors and lenders between 2017 and 2022. His startup, Strategic Innovations, falsely claimed to develop innovative smart home products, yet delivered no profits or products. Previously convicted of real estate fraud, Newcomb deceived investors with false assurances of product development while misusing funds for luxury items such as cars and a mansion. His actions included creating fake prototypes and misleading media releases to maintain an image of legitimacy.
"Newcomb made several false representations to his investors to deceive and cheat them out of their money, using funds for gambling and luxury purchases instead of developing products."
"Despite receiving significant funding, Strategic Innovations never made a dime or released any products to market, raising questions about the legitimacy of Newcomb's claims."
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