NEWS
Greatest Scams in Technology Today
Mozido’s Fintech Fraud Fiasco
Mozido is a mobile payments company valued at $2.3 billion in 2014. The company sought to create white-labeled financial solutions for the 2 billion “unbanked” people who have access to mobile technology but don’t have a typical bank account.
Mozido had big hopes to change the way people pay for things with their phones in significant markets, including India, Africa, and Southeast Asia. However, Mozido’s intentions were eclipsed by the fraud perpetrated by the company’s founder, Michael Liberty.
Liberty got charged with fraud by the SEC in 2018, alleging that he duped 200 investors out of $55 million. SEC also accused him of diverting funds from investors to his accounts through a series of shell companies he set up between 2010 and 2017. His other charges include embezzling to fund his other businesses and pay off his debt.
