SEC Charges Former CEO of Slync in $67 Million Offering Fraud

The Securities and Exchange Commission today charged Christopher S. Kirchner, the co-founder and former CEO of Slync, Inc., a privately-held Texas-based software company, with fraudulently offering and selling more than $67 million of securities to multiple investors, more than $28 million of which he misappropriated for personal benefit. The SEC’s complaint alleges that, between approximately January 2020 and January 2022, Kirchner misrepresented the financial condition of Slync to investors, including concerning the amount of revenue received from customers and the nature and volume of contracts with existing and potential customers, as well as the planned use of fundraising proceeds. In addition, between March 2020 and his termination from Slync in August 2022, Kirchner allegedly misappropriated more than $28 million of the funds Slync raised from investors, including by transferring tens of millions of dollars from Slync corporate bank accounts to his personal bank accounts and by paying for his personal expenses directly out of one…