Co-founder of Syntactic Capital claims $1 million fraud
It is reported that Daniel Cheung, co-founder of Syntactic Capital, has filed a lawsuit, claiming that he was cheated of nearly $1 million.
Daniel Cheu…
It is reported that Daniel Cheung, co-founder of Syntactic Capital, has filed a lawsuit, claiming that he was cheated of nearly $1 million.
Daniel Cheung, fund manager, sued Sean Full for capital loss
Interpretation of the news:
Daniel Cheung, one of the co-founders of Syntactic Capital, has filed a lawsuit claiming he was defrauded of nearly $1 million. Syntactic Capital is a venture capital firm that invests in early-stage technology startups. Cheung’s claim alleges a number of losses, including breach of contract, breach of fiduciary duty, and misrepresentation.
Cheung says he invested nearly $4 million in Syntactic Capital between 2016 and 2019, which included $1 million to purchase the company’s membership interests in Syntactic Women, a new fund aimed at investing in female-led startups. Cheung says he later learned that Syntactic Women had never been established as an independent fund and that his investment had been used for other purposes.
Cheung also alleges that his partners at Syntactic Capital siphoned off profits from successful investments without compensating him as required by their agreements. Cheung claims that he received only a fraction of the returns he was owed on investments such as the sale of the startup Aptivada.
The lawsuit names Syntactic Capital and its two other co-founders, David Lee and Elio Motors CEO Paul Elio, as defendants. Cheung is seeking damages totaling $1 million, as well as a court order to prevent Syntactic Capital from continuing to use his name, photo, or biography in connection with their business.
Syntactic Capital has not yet publicly commented on the lawsuit, and it remains to be seen how the case will play out in court. However, this case underscores the importance of having clear and enforceable agreements in place when forming business partnerships, particularly in the high-stakes world of venture capital investing.
In conclusion, the allegation of Daniel Cheung, one of the co-founders of Syntactic Capital, that he was defrauded of nearly $1 million, is a significant cause for concern. His lawsuit focused on a range of grievances, including a lack of transparency in connection to Syntactic Women and unfair profits from successful investments. The lawsuit names Syntactic Capital and its two other co-founders as defendants. It highlights the importance of having clear agreements in place when forming business partnerships, particularly in the high-stakes world of venture capital investing, and raises the question of whether other firms in the same operating sector have fallen short of regulatory oversight.
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