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SEC charges IRL’s former CEO.
The SEC charged Abraham Shafi with fraud and “concealing his and his fiancée’s extensive use of company credit cards to pay for personal expenses,” according to a press release.
IRL was shuttered in June 2023 after its board of directors found that 95 percent of the app’s users were fake. Two months before that, Shafi had been suspended by the board after reported misconduct.
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