Lying On A Pitch Deck? You Might Go To Jail.
Another Forbes 30 Under 30 CEO was charged with fraud. Here’s where the line between selling yourself and prison actually is.
TLDR:
Gökçe Güven, 26-year-old CEO of fintech startup Kalder and Forbes 30 Under 30 alum, was charged with securities fraud, wire fraud, visa fraud, and aggravated identity theft. She raised $7 million by claiming 26 brands were “using Kalder” and another 53 in “live freemium” — but many had only discounted pilots or no agreement at all. She also falsely claimed $1.2 million in ARR and kept two sets of books. This marks at least the seventh Forbes 30 Under 30 honoree charged with fraud, highlighting a systemic problem in startup culture: the line between aggressive marketing and criminal fraud is thin, but very real.
The Forbes 30 Under 30 Fraud Problem
Let’s address the elephant in the room: Forbes 30 Under 30 has become a surprisingly reliable predictor of future criminal charges.
Here’s the hall of shame:
Sam Bankman-Fried, Charlie Javice, Elizabeth Holmes, Martin Shkreli, Caroline Ellison, Joanna Smith-Griffin, Gökçe Güven
Seven fraud cases. Seven CEOs who once represented the future of entrepreneurship.
This isn’t a Forbes problem. This is a startup culture problem.
The Fake-It-Till-You-Make-It Grey Zone
I’ve been a pitch deck consultant for 15 years. And the most common question I get is:
“What can I actually say in my pitch deck?”
Because here’s the truth: the startup world operates in a grey zone.
Nobody expects you to have everything figured out. You’re building something new. You’re projecting into the future. You’re selling a vision, not just current reality.
But there’s a line. A very clear, very legal line.
And Gökçe Güven crossed it.
What Kalder Actually Did Wrong
According to the U.S. Department of Justice, here’s what Kalder’s pitch deck claimed versus reality:
The Claims:
26 brands “using Kalder”
53 brands in “live freemium”
$1.2 million in annual recurring revenue (ARR)
Steady month-over-month revenue growth since February 2023
The Reality:
Many of the 26 “customers” were only doing heavily discounted pilot programs
Some brands had no agreement with Kalder whatsoever — not even for free services
The revenue numbers were false
Güven kept two sets of books — one with real numbers, one with inflated numbers for investors
That’s not marketing. That’s fraud.
She raised $7 million from investors based on these lies.
Where The Line Actually Is
As someone who builds pitch decks for a living, let me clarify where you can be aggressive versus where you’ll end up in handcuffs.
What You CAN Say:
“Projects in Pipeline” If you’re in active negotiations with a client, you can list them as pipeline. You haven’t signed the contract yet, but conversations are happening. That’s fair game.
“Letters of Intent (LOIs)” If a company has signed an LOI expressing interest, you can reference that. It’s not a binding contract, but it shows real interest.
“Projected Revenue” You can project future revenue based on your current trajectory. Investors understand projections aren’t guarantees. That’s why they’re called projections.
“In Discussions With...” If you’ve had real meetings with big brands, you can say “we’re in discussions.” That’s honest and shows momentum.
Make Yourself Sound Good You should present your company in the best possible light. Talk about your vision. Highlight your achievements. Show your potential. That’s sales.
What Will Get You Arrested:
Claiming Customers You Don’t Have If they haven’t signed a contract or paid you money, they’re not a customer. Period.
Lying About Revenue If you say you have $1.2M ARR but you actually have $200K, that’s fraud. Not marketing. Fraud.
Calling Pilots “Customers” A discounted pilot program is not a paying customer. You can say “running pilot programs with X brands” but not “X brands are customers.”
Fabricating Data Creating fake customer lists, forged contracts, or inflated metrics? That’s jail time. Ask Charlie Javice, who created 4 million fake users to sell Frank to JPMorgan for $175 million.
Keeping Two Sets of Books One set with real numbers for internal use, one set with fake numbers for investors? That’s literally textbook fraud.
The Pressure That Leads To Fraud
I understand why this happens.
Startups live and die by funding. No funding = no company.
And investors want to see traction. They want customers. They want revenue. They want growth.
So founders feel enormous pressure to show those things — even if they don’t exist yet.
The temptation goes like this:
“We’re GOING to get those customers soon. We’re GOING to hit that revenue number next quarter. So what’s the harm in saying we have it now? It’s just a matter of timing, right?”
Wrong.
That’s the exact thinking that leads to fraud charges.
Because “we will have it soon” becomes “we definitely have it now” becomes “let’s create fake data to prove it” becomes federal prison.
The Kalder Case: Where It Went Wrong
Güven could have built a legitimate pitch deck. Here’s what she SHOULD have said:
Instead of: “26 brands using Kalder”
Should have said: “Running pilot programs with 26 brands, including [brand names], with conversion discussions underway”
Instead of: “$1.2M ARR”
Should have said: “Projected ARR of $1.2M based on current pipeline and pilot-to-customer conversion rates of X%”
Instead of: Two sets of books
Should have: One set of accurate books that she showed to everyone
Those changes would have been honest, still compelling, and wouldn’t result in federal charges.
Why Investors Don’t Always Catch It
You might wonder: “How do investors fall for this?”
A few reasons:
1. FOMO Is Real
When a company claims to have 26 major brands as customers and shows $1.2M ARR, investors fear missing out. They rush to invest before the round closes.
2. Due Diligence Takes Time & is becoming a joke.
Properly verifying every customer claim requires contacting each company, reviewing contracts, and auditing financials. That takes weeks or months. Many investors do lighter due diligence during seed rounds.
3. Trust (Especially For Young Founders)
A Forbes 30 Under 30 honoree with an impressive background? Investors want to believe. They assume someone vetted this person. (Spoiler: Not really.)
4. The Pitch Deck Looks Polished
Professional design, clean charts, impressive brand logos — it all creates credibility. But design isn’t due diligence.
5. Social Proof
If other reputable VCs are investing, founders assume the company was properly vetted. This creates a cascade of investment based on insufficient diligence.
The Bigger Pattern: Why This Keeps Happening
Forbes 30 Under 30 isn’t causing fraud. But it accelerates it.
Here’s how:
Stage 1: Hype Young founder gets early traction. Media coverage. Forbes list. Everyone says “this is the next big thing.”
Stage 2: Pressure Now expectations are sky-high. Everyone expects hockey-stick growth. The founder feels pressure to deliver.
Stage 3: Reality Gap But growth is hard. Customers don’t come as fast as projected. Revenue falls short.
Stage 4: The Choice The founder faces a choice:
Option A: Be honest, miss projections, risk losing funding
Option B: Fudge the numbers, keep the hype going, hope to grow into the claims later
Many choose Option B.
Stage 5: Escalation One small exaggeration leads to another. Then another. Soon you’re maintaining two sets of books and creating fake customer lists.
Stage 6: Federal Charges Eventually, someone notices. An investor does actual due diligence. A whistleblower talks. The SEC investigates.
And now you’re facing 20+ years in federal prison.
What This Means For Founders
If you’re building a startup, here’s my advice:
1. Never Lie About Revenue
Investors can forgive slow growth. They cannot forgive fraudulent revenue claims. Ever.
2. Be Clear About Customer Status
Use precise language:
“Signed contracts” = paying customers
“Active pilots” = testing your product
“In discussions” = talking but no commitment
“Letters of intent” = interested but not committed
3. Project Confidently, But Honestly
Say “we project $5M ARR by end of year based on current pipeline” not “we have $5M ARR.”
4. One Set of Books
Your internal financials and investor financials should match. Period.
5. If You’re Exaggerating, Stop Now
If you’ve already stretched the truth in your pitch deck, fix it immediately. Update your investors. Correct the record. Yes, it’s embarrassing. But it’s better than prison.
What This Means For Investors
If you’re investing in startups:
1. Verify Every Customer Claim
Don’t just trust the logo on the slide. Call the company. Confirm they’re actually paying customers.
2. Review Actual Bank Statements
Revenue claims are easy to fake on a slide. Bank deposits aren’t.
3. Talk To Customers Directly
Ask for customer references. Call them. Ask about their experience, payment terms, and contract details.
4. Watch For Red Flags
Vague answers about customers
Refusal to share contracts
Defensiveness about due diligence
Numbers that don’t match across documents
Overly aggressive projections without justification
5. Don’t Trust Accolades
Forbes 30 Under 30 is not due diligence. Neither is TechCrunch coverage, Y Combinator acceptance, or impressive advisors. Do your own homework.
The Lesson: The Line Is Real
The line between good marketing and fraud isn’t blurry.
It’s crystal clear.
You can project. You can be optimistic. You can highlight potential.
But you cannot lie about what currently exists.
You cannot claim customers you don’t have.
You cannot report revenue you didn’t earn.
You cannot create fake data to fool investors.
Because when you do, you’re not “faking it till you make it.”
You’re committing securities fraud.
And that comes with handcuffs, not funding.
Gökçe Güven is 26 years old. She’s facing charges that could put her in prison for decades.
All because she couldn’t tell the difference between aggressive marketing and outright lies.
Don’t make the same mistake.