The founder and former CEO of supply chain management software company Slync was sentenced Thursday to 20 years in federal prison.
37, was arrested in February 2023 after he had been ousted as CEO of Slync the summer before. He wason four counts of wire fraud and seven counts of money laundering, defrauding investors out of at least $25 million.Kirchner was also ordered to pay more than $65 million in restitution, the U.S. attorney’s office said in a news release.A Southlake CEO had a lavish lifestyle.
Slync, based in Southlake, was once valued at $240 million. It began to struggle when Kirchner started using company funds for personal use, including buying a $16 million private jet.“Even as his company was circling the drain, Chris Kirchner was spending millions of his investors’ money on himself,” said U.S. Attorney Leigha Simonton. “Apparently, projecting personal prosperity was more important to him than making payroll.
From April 2020 to March 2022, Kirchner initiated over 100 wire transfers from the company’s account with Silicon Valley Bank to another company account that only he had access to, later sending much of that money to his personal accounts, the news release said. Once an employee reported Kirchner to the board and he was suspended, he removed privileges for other employees to stop them from accessing the computer system and attempted to delete 18 gigabytes of data, the release said.
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CEO of Goldman Sachs-Backed Startup Slync Sentenced To 20 Years In PrisonI'm a senior writer at Forbes covering AI, defense and national security. I'm also the co-author of WONDER BOY: Tony Hsieh, Zappos and the Myth of Happiness in Silicon Valley, published by Henry Holt & Company. Contact me on Twitter at davidjeans2 or email me at djeansforbes.com. You can also send tips on Signal +1 347 559 5443.
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