A prominent entrepreneur who founded the now-bankrupt clothing technology startup CaaStle was criminally charged on Friday with defrauding investors out of more than $300 million, the Justice Department said.
Authorities said Christine Hunsicker, 48, of Lafayette, NJ, promoted CaaStle to investors as a more than $1.4 billion “Clothing-as-a-Service” business that helped companies rent apparel to consumers with an option to buy, despite knowing it was financially distressed and short of cash.
The alleged fraud spanned six years starting in 2019, three years after the Princeton University alumna was named one of Inc magazine’s “Most Impressive Women Entrepreneurs” and Crain’s New York Business’ “40 Under 40.”
Christine Hunsicker’s alleged fraud spanned six years starting in 2019, three years after the Princeton University alumna was named one of Inc magazine’s “Most Impressive Women Entrepreneurs” and Crain’s New York Business’ “40 Under 40.” Bloomberg
Hunsicker was charged in a six-count indictment