San Francisco startup founder charged with defrauding investor

Jon Mills, founder of Motionloft startup was arrested on Wednesday and charged with defrauding an investor of $210,000. Jon Mills founded and became the chief executive office of the startup company in 2010. But he was removed on December 1, 2013 from the company’s shareholders.

According to the FBI, Mills defrauded a doctor of $210,000 for an investment. Mills promised him shares that are equal to 3% of Motionloft’s equity. According to the doctor, Mills convinced him that the company will be acquired by Cisco Systems, and his investment will give him a huge profit from the buyout.

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