[HN Gopher] "Clothing-as-a-Service" startup charged with $300M f...
       ___________________________________________________________________
        
       "Clothing-as-a-Service" startup charged with $300M fraud (2025)
        
       Author : mv4
       Score  : 13 points
       Date   : 2026-03-04 21:37 UTC (1 hours ago)
        
 (HTM) web link (www.cnbc.com)
 (TXT) w3m dump (www.cnbc.com)
        
       | mv4 wrote:
       | A prominent entrepreneur who founded the now-bankrupt clothing
       | technology startup CaaStle was criminally charged on Friday with
       | defrauding investors out of more than $300 million, the U.S.
       | Department of Justice said.
        
       | xenospn wrote:
       | 40-under-40. They always are.
        
         | mv4 wrote:
         | seems to be the pattern doesn't it.
         | 
         | This hedge fund manager did a review on Youtube
         | 
         | https://www.youtube.com/watch?v=V36kSqwjaaw&t=7s
        
       | runamuck wrote:
       | "This included alleged representations that CaaStle earned $66.3
       | million on revenue of $439.9 million in 2023, when it actually
       | lost $81 million on revenue of $15.7 million." - Seriously, why
       | would someone attempt to pull this? This lie seems really easy to
       | catch. I don't get it?
        
         | Bratmon wrote:
         | "Fake it til you make it" is near-universal in the space. You
         | just never hear about the ones who do make it.
        
         | mv4 wrote:
         | Do investors do due diligence anymore?
        
       ___________________________________________________________________
       (page generated 2026-03-04 23:01 UTC)