SAN FRANCISCO (CN) - The founder of San Francisco-based Motionloft pleaded guilty Tuesday to federal charges that he spent $765,000 of investors' money on himself.
Jonathan Edward Mills, 30, of San Francisco pleaded guilty to two counts of wire fraud, the U.S. Attorney's Office said.
Mills founded the company in 2010 and was its CEO until he was fired in December 2013.
Among other things, he told investors that a Silicon Valley company was about to buy MotionLoft for hundreds of millions of dollars, prosecutors said. When that didn't happen, he blamed lawyers, he blamed the government shutdown and he blamed banks, according to the U.S. attorney.
But there was no such acquisition, he admitted, and he blew $765,000 on himself.
He faces up to 20 years in prison for each wire fraud charge, plus fines of $250,000 and restitution.
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