BUSINESS
10/04/2008 05:12 am ET Updated May 25, 2011

Venture Capitalist Con Man Steals $20M, Convicted Of 22 Felony Counts

The venture capital business is based on trust. Investors hand over money to a venture capitalist and trust that person to invest it wisely on their behalf.

Moses Joseph betrayed that trust.

Mr. Joseph, who managed a venture fund and started several companies, was convicted Thursday of 22 felony counts, including theft, securities fraud, forgery and fabricating evidence. A Santa Clara County jury found that Mr. Joseph stole more than $20 million from 13 victims, including US Bank, Wells Fargo Bank, Silicon Valley Bank and Eastman Kodak. He will be sentenced in October and faces up to 28 years in state prison.

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