Forbes did it again... haiz

Federal prosecutors have just charged AI startup founder Joanna Smith-Griffin with defrauding investors out of $10 million 😳

A Harvard Innovation Labs graduate and member of the prestigious Forbes 30 Under 30 list, Smith-Griffin is accused of grossly inflating her company's AllHere Education revenues and lying about contracts to secure investments.

While raising money from VCs in spring 2021, she claimed:

• $3.7M in revenue the previous year (reality: only$11,000)
• $2.5M cash on hand (reality: about$494,000)
• Fake contracts with major school districts including NYC and Atlanta

The company, which developed an AI chatbot meant to reduce student absenteeism, has since furloughed its staff and filed for bankruptcy.

But here comes the best part.

Joanna Smith-Griffin was recently featured on Inc.'s 2024 list of notable female founders "for leveraging AI to help families communicate" 🙃

Forbes again remains undefeated. It's indeed the Jim Cramer of Media.

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