SEC, DOJ Charge Slync Founder Chris Kirchner with Fraud, Misappropriation of Funds

The Securities and Exchange Commission (SEC) and the Department of Justice charged Chris Kirchner, the founder of logistics software company Slync, with fraud on Tuesday. The SEC has accused Kirchner of fraudulently offering and selling securities to multiple investors, misappropriating more than $28 million of those funds for personal use, and failing to make timely payroll distributions to Slync employees on several occasions. The criminal charges filed by the Department of Justice accuse Kirchner of wire fraud and misappropriating $20 million of the company’s funds.[0]

Kirchner was fired as Slync's CEO in August 2022 after financial improprieties came to light. According to Forbes, Slync had failed to pay employees in full for nearly three months and later laid off some staff.[1] It was reported that Kirchner had misrepresented Slync’s finances to the board and fired executives who had raised concerns about his alleged misconduct. The report also revealed that Kirchner had told the board that his company had generated close to $30 million in 2021, when the actual revenue figure was approximately $1 million.[2]

On Tuesday morning, FBI agents raided Kirchner’s home in Westlake, Texas. Images and video footage obtained by Forbes show at least a dozen federal agents entering Kirchner’s home and a Mercedes G Class and a Rolls Royce Collinan SUV being towed away. A spokesperson for the FBI's office in Dallas confirmed agents visited the property but wouldn't say whether Kirchner had been arrested or charged.[1]

The complaint filed in the U.S. District Court for the Northern District of Texas charges Kirchner with violating the antifraud provisions of the federal securities laws and seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and an officer and director bar against Kirchner.[3]

James J. Dwyer, the Acting Special Agent in Charge of FBI Dallas, stated, “The criminal complaint charges Mr. Kirchner with utilizing his position as a CEO to swindle investors and the company he worked for. He used these funds to support a luxurious lifestyle, disregarding the trust placed in him to conduct himself in an ethical and responsible manner.”[4] The FBI is determined to ensure that those responsible for these outrageous acts of avarice will be held responsible.[5]

0. “Lying Tech CEO Diverted $28M to Live High on the Hog: Feds” Yahoo Life, 15 Feb. 2023,

1. “SEC charges ex-CEO of Goldman-backed tech firm with securities fraud” Markets Insider, 14 Feb. 2023,

2. “FBI Raids Home Of Former CEO Of Goldman Sachs-Backed Tech Company Slync” Forbes, 14 Feb. 2023,

3. “SEC charges former CEO of Dallas-based Slync with fraud in $67 million offering – Dallas Business Journal” The Business Journals, 14 Feb. 2023,

4. “Feds charge former Slync CEO in $67 million fraud scheme” FreightWaves, 15 Feb. 2023,

5. “Report: Tech CEO who played in upscale golf events while employees went unpaid raided by FBI, charged with fraud” Yahoo Sports, 14 Feb. 2023,