North Texas tech company founder arrested, accused of stealing $20M to buy private jet
The North Texas-based founder and former CEO of a supply-chain logistics company was arrested and charged with wire fraud after FBI agents raided his Westlake home Tuesday morning, according to the U.S. attorney for the Northern District of Texas.
Christopher Kirchner, 35, the founder of Slync, a supply-chain management software startup, has been charged via criminal complaint with misappropriating $20 million from the company.
If convicted, Kirchner faces up to 20 years in federal prison.
About a dozen federal agents showed up at Kirchner’s home with a warrant at around 6:30 a.m. Tuesday, according to a report by Forbes. Images and video footage obtained by Forbes show a Mercedes G Class and a Rolls Royce Cullinan SUV being towed from Kirchner’s property.
He made his initial appearance before U.S. Magistrate Judge Hal R. Ray, Jr. on Tuesday.
“This defendant flaunted his apparent wealth while allegedly diverting millions from company coffers into his private bank account,” said Leigha Simonton, U.S attorney for the Northern District of Texas, in a news release. “Slync investors and employees are understandably outraged, and we sympathize. We look forward to holding Mr. Kirchner accountable in federal court.”
According to the complaint, Kirchner — who served as Slync’s CEO from 2017 until 2022 — allegedly wired $20 million from Slync’s bank account to his personal checking account. Kirchner was suspended in 2022 by the company’s board of directors due to allegations of misconduct.
Kirchner told an employee via text message that he was transferring money received from an investor into “an investment account” and a “chase” account, according to the news release. He then instructed the employee to approve the wires, federal authorities said.
“Mr. Kirchner did not transfer money into an ‘investment account’ or a ‘chase’ account. He instead transferred $20 million of Slync funds into his personal account,” Simonton said.
Kirchner told private bankers via email that the $20 million represented “a distribution from my company,” according to the complaint. Slync’s board never authorized the distribution, the release said.
Kirchner allegedly used the $20 million to make personal purchases including a $16 million private Gulfstream jet and a $495,000 luxury suite at a local sports stadium.
“As the criminal complaint alleges, Mr. Kirchner used his position as a CEO to defraud investors and the company he worked for by diverting funds for his personal benefit. He did this to fund a lavish lifestyle at the expense of those that trusted him to act responsibly and ethically,” said James J. Dwyer, FBI Dallas acting special agent. “The FBI will remain persistent in our efforts to hold individuals accountable that commit such brazen acts of corporate greed.”
The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation. Assistant U.S. Attorneys Joshua Detzky, John De La Garza and Blake Ellison are prosecuting the case.
This story was originally published February 14, 2023 at 3:10 PM.