Startup CEO Charged With Fraud

United States Attorney for the Southern District of New York, Jay Clayton, Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), James C. Barnacle, Jr., and Inspector in Charge of the New York Division of the U.S. Postal Inspection Service (“USPIS”), Ketty Larco-Ward, announced today the filing of a Superseding Indictment charging GÖKÇE GÜVEN with securities fraud, wire fraud, visa fraud, and aggravated identity theft.  The charges arise from an alleged scheme by the defendant to defraud investors in her technology startup Kalder Inc. (“Kalder”) through material misrepresentations regarding Kalder’s financials, brand partners, and paying customers.  GÜVEN, a citizen of Turkey, also used lies about Kalder, as well as forged documents, to obtain an O-1A visa, reserved for individuals of “extraordinary ability,” that would allow her to live and work in the U.S.  GÜVEN was previously arrested on November 27, 2025.  The case is assigned to U.S. District Judge Lewis A. Kaplan.  

“As alleged, Gökçe Güven built her seed round on fake revenue, inflated brand partnerships, and fabricated documents, and then used the same lies to secure a visa reserved for extraordinary ability,” said U.S. Attorney Jay Clayton.  “Beware of fraud masquerading as entrepreneurship.  This Office, alongside our law enforcement partners, will continue to vigorously pursue market participants who use fraud and deception to victimize investors.”              

“Gökçe Güven allegedly exaggerated her company’s fiscal condition and partnerships to swindle more than seven million dollars from prospective investors before using these misrepresentations to unlawfully obtain a highly acclaimed visa to the United States,” said FBI Assistant Director in Charge James C. Barnacle, Jr.  “Güven allegedly curated a façade of her business ingenuity to unlawfully reap financial and personal benefits.  The FBI will continue to expose any manipulative tactics employed to advertise misleading investment opportunities at the cost of their related stakeholders.”

“This indictment displays the lengths that individuals will go through to defraud investors and the American public, and how they are ultimately caught to pay for their crimes,” said USPIS Inspector in Charge Ketty Larco-Ward.  “Investors placed their trust in this emerging fintech founder and CEO, only to be misled and scammed, as alleged.  We commend the work and partnership of the FBI and the Securities and Commodities Fraud Task Force to put end to self-serving executives and their fraudulent schemes.”

As alleged in the Superseding Indictment and other public filings in this case:^[1]

GÜVEN was the founder and CEO of Kalder, a New York-based technology startup focused on business loyalty and rewards programs.  GÜVEN promoted Kalder as a “fintech-marketing platform” that brands could use to create and monetize customized reward programs.  In April 2024, GÜVEN began raising Kalder’s “seed round,” soliciting investments from dozens of venture capitalists.  GÜVEN provided prospective investors with false statements, misleading claims, and fabricated documents regarding Kalder’s revenue and brand partners.  GÜVEN transmitted to potential investors a pitch deck that misrepresented, among other things, that Kalder had 26 brands “using Kalder” and 53 brands in “live freemium” (that is, using basic Kalder services free of charge).  As to some brands, Kalder had only entered into pilot programs to provide services for a limited time period and typically at a heavily discounted price.  Other brands had no agreement with Kalder whatsoever—not even for free services.  Kalder’s pitch deck also falsely reported that Kalder’s recurring revenue had steadily grown month over month since February 2023 and that by March 2024, Kalder had reached $1.2 million in annual recurring revenue.  GÜVEN concealed the true financial condition of the company from multiple investors by maintaining two sets of books—one internal set containing Kalder’s accurate monthly and annual financial information that was prepared by Kalder’s outside accounting firm, and a second set with false and inflated numbers that was transmitted to investors and prospective investors.  As a result, GÜVEN raised approximately $7 million from more than a dozen investors.

GÜVEN, a citizen of Turkey, also made false statements and fabricated documents as part of a visa application.  Following the expiration of her student visa, GÜVEN caused Kalder to sponsor her for an O-1A visa, which is typically issued to individuals with extraordinary ability in the sciences, education, business, or athletics.  GÜVEN’s application repeated the same sorts of misrepresentations that GÜVEN had provided to Kalder’s investors.  GÜVEN also supplied letters of support and reference purportedly signed by business executives but that, in fact, GÜVEN had digitally signed herself without the executives’ knowledge or consent.  GÜVEN was ultimately issued an O-1A visa in the fall of 2025.

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GÜVEN, 26, of New York, New York, and Turkey, is charged with securities fraud and wire fraud, each of which carries a maximum sentence of 20 years in prison; visa fraud, which carries a maximum sentence of 10 years in prison; and aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison.  

The maximum potential sentences are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 

Mr. Clayton praised the outstanding work of the FBI and USPIS.  Mr. Clayton also expressed appreciation for the assistance of the U.S. Securities and Exchange Commission.

The case is being handled by the Office’s Securities and Commodities Fraud Task Force.  Assistant U.S. Attorneys Allison Nichols and Alexandra N. Rothman are in charge of the prosecution.