Key Points
- Robot startup Foundation has failed to pay employees since missing its Oct. 30 payroll, angering some workers after its CEO borrowed $4.6 million from the firm last year to buy a luxury home, according to people familiar with the matter.
- CEO and co-founder Sankaet Pathak is Foundation’s sole board member, raising governance concerns among prospective investors.
- Foundation’s widely reported $24 million in Pentagon contracts actually stems from its 2024 acquisition of Boardwalk Robotics, which held some existing government research contracts, the people said.
- Pathak’s previous company, Synapse, collapsed in 2024, leaving thousands of customers without access to deposits. Pathak reportedly took loans from Synapse as it neared bankruptcy.
Sounds like blatant fraud and corruption.
How does a guy who “took loans” from his own company immediately before that company declares bankruptcy (defrauding its customers) somehow start another company that same year and acquire an existing company with active DoD contracts which presumably require security clearances?
And on top of that, to then two years later take another “loan” from again his own company, rendering it unable to pay its employees?
This country really needs to prosecute white-collar crime better. Holy hell.
And these are the people who will own the killbots?
How does a guy who “took loans” from his own company immediately before that company declares bankruptcy (defrauding its customers) somehow start another company that same year and acquire an existing company with active DoD contracts which presumably require security clearances?
He was sure to pay off the republicans in charge.
So, let me be clear…
My employer will refuse even a salary advance (as in, getting it 2-3 days, maybe a week early), but the bossman can walk away with a “loan” of the company’s entire liquidity?
As long as he pays off the republicans in charge…yes
Looks like embezzlement to me. But “can” he get his hands on it? Yes.
I know here in Australia, it is legal for business owners to use their floating cash to loan to themselves, such as for an offset against their mortgage. If it is paid back in full before the end of financial year, then it’s fine. If not, it needs to be at marker interest rate and incurs taxes and porift distribution.
In this case, the loan is not the problem, but the not paying employees. Trading while insolvent is illegal and if they caused it by their loan, then they would and should face consequences. Usually fines. Since the new financial year in July, their superannuation (pension) must be paid within 7 days of payroll, so they’d be fined for that too.
That’s fine. Seize and sell the home to pay the employees.
who would do that?
I’m guessing/hoping that you meant ‘to pay the employees’ not ‘to pay the employers’ lol! It’s funny how such a tiny typo or autocorrect mishap made it mean kind of the opposite, since overpaying the employer is what got them into this mess.
Ah fuck, I did. Fixed, thanks.
Wow. It’s not the profound level of corruption that’s so shocking, it’s the profound level of incompetence. How did such stupid people get so far in life in the first place?
do you think intelligence correlates with positive outcomes in our society?
They started on the other side of the finish line.
These days, this is known as “hereditary meritocracy”
☝️☝️☝️☝️☝️
Also I find it hazardous to just throw in the name Synapse given there’s about two dozen companies of all sizes with that name…
It’s specifically Synapse Financial Services.
But it’s lovely to know that Pathak keeps stealing names from everywhere. Not an original idea in his body.
is that the same company that took my yotta money? this guy needs a French haircut
They only do this shit because they know America doesn’t prosecute white collar crime seriously. The corruption won’t lessen till the perpetrators face real consequences.
Reminds me of the Kickstarter for the peachy printer.
AFAIK the co-founder didn’t face any consequences or pay anything back in that case.
