YouPlus founder charged with fraud

Federal authorities have filed criminal fraud charges against the CEO and founder of software startup YouPlus, an online video-search platform, saying he misled investors about the company's finances and revenue sources. The SEC alleged that from 2018 to 2019, Shaukat Shamim falsely told investors that YouPlus had millions of dollars of revenue and more than 100 different business customers, when in fact it had earned less than $500,000 and had only four paying customers. YouPlus had raised less than $1 million in venture capital, according to PitchBook data. Shamim couldn't immediately be reached for comment.

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