Chris Kirchner

Last updated
Chris Kirchner
Born
San Francisco, California
Alma mater University of Kentucky
Occupation Entrepreneur
Known forCo-founder, Slync.io
Criminal charges Fraud
Criminal penalty20 Years in Prison
Criminal status Incarcerated

Chris Kirchner is an American entrepreneur and convicted fraudster. The co-founder and former CEO of logistics company Slync.io, he was convicted on fraud and money laundering charges in January 2024.

Contents

Early life and education

Kirchner was born in San Francisco, California [1] and studied international marketing at Butler University before moving on to study communications at the University of Kentucky, [2] leaving in 2009 before graduating. [3]

Career

After leaving the University of Kentucky, he started Kirchner Entertainment, an advertising and entertainment company. He later took positions with tech supplier Best Buy until 2015 and then Lexington-based Turner Labels, [2] where he met Raj Patel while working with a Salesforce contact. [3]

In 2017, Kirchner and Patel co-founded the logistics firm Slync.io, where Kirchner served as the company's CEO. [2] Investors in the business included Goldman Sachs and Blumberg Capital, with funding rounds totaling $80m, valuing the company at $240m. [3]

In late 2021, Kirchner was also among several potential bidders for the then financially-troubled English association football club Derby County, [4] [5] publicly declaring his interest in November [6] before withdrawing his bid on December 24, 2021. [7] After a failed attempt to buy Championship rivals Preston North End, [8] [9] he renewed his interest in Derby County and was confirmed as preferred bidder on April 6, 2022. [10] He withdrew his bid for the club in June 2022. [11]

In July 2022, a Forbes investigation reported Kirchner had fired Slync.io executives after they raised questions about company funds; he was also facing a lawsuit for wrongful termination and claims of "fraudulent behavior". He was said to have told Slync.io's board that the business had generated close to $30 million in revenue in 2021, from about 20 customers, while the real figures were closer to $1 million from fewer than five customers. [3] Kirchner was first suspended [12] and then fired by Slync.io in August 2022 [3] [13] after making financial misrepresentations to the company board. [14]

In October 2023, Slync.io went into liquidation, saying it could not continue to operate "due to its financial underperformance and Kirchner’s [alleged] fraud". [15] [16]

Wire fraud and money laundering convictions

In February 2023, Kirchner's home in Westlake, Texas was raided by the FBI [17] and he was charged with wire fraud for transferring $20 million in company funds to his personal bank account while employed at Slync. [18] Leigha Simonton, the U.S. Attorney for the Northern District of Texas alleged Kirchner had used the money to fund a "lavish lifestyle", including a $16m private Gulfstream jet, a $495,000 luxury suite at a Dallas sports stadium, prestige cars including a Rolls-Royce, [19] and membership of an exclusive Dallas-area golf club called the Vaquero. [12]

In January 2024 a federal jury in Texas convicted Kirchner of four counts of wire fraud and a further seven counts of money laundering, defrauding investors of at least $25 million. [20] He was sentenced to 20 years in prison and ordered to pay over $65m in restitution. [21]

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References

  1. ↑ Hodgson, George (March 7, 2022). "What we know about Chris Kirchner's proposed takeover of Preston North End". Lancs Live. Retrieved February 14, 2023.
  2. 1 2 3 Pegden, Tom (May 17, 2022). "Chris Kirchner – who is the American businessman buying Derby County?". Business Live UK. Retrieved February 14, 2023.
  3. 1 2 3 4 5 Jeans, David (July 20, 2022). "Golf Tournaments, A Private Jet And A Red Ferrari: A Tech CEO Lived Large While His Employees Went Unpaid". Forbes. Retrieved February 21, 2023.
  4. ↑ "Derby County: Wayne Rooney welcomes US businessman Chris Kirchner's interest in buying club". BBC Sport. October 26, 2021. Retrieved October 29, 2021.
  5. ↑ Curtis, Leigh (November 5, 2021). "Derby County takeover race takes huge twist as £750m duo 'launch bid' to buy Rams". Derby Telegraph. Retrieved November 8, 2021.
  6. ↑ "Derby County: Administrators aim to find preferred buyer in 'two to three weeks'". BBC Sport. November 21, 2021. Retrieved November 22, 2021.
  7. ↑ Stone, Simon (December 24, 2021). "Derby County: Chris Kirchner withdraws bid to buy Championship club". BBC Sport. Retrieved December 24, 2021.
  8. ↑ Hodgson, George (March 23, 2022). "Deal 'close' for US businessman Chris Kirchner to take over Preston North End". Lancs Live. Retrieved February 15, 2023.
  9. ↑ Hodgson, George (April 9, 2022). "Chris Kirchner speaks out on failed Preston North End takeover for the first time". Lancs Live. Retrieved February 15, 2023.
  10. ↑ "Derby County: Chris Kirchner confirmed as preferred bidder to buy Rams". BBC Sport. April 6, 2022. Retrieved April 6, 2022.
  11. ↑ Stone, Simon (June 13, 2022). "Derby County: Chris Kirchner withdraws bid to buy League One side". BBC Sport. Retrieved June 14, 2022.
  12. 1 2 Jeans, David (July 25, 2023). "High-Living CEO Of Goldman Sachs-Backed Slync Suspended Following Reports Of Financial Impropriety". Forbes. Retrieved February 21, 2023.
  13. ↑ "Slync.io Lays off Staff and Fires CEO Chris Kirchner". Business Insider. August 5, 2022. Retrieved February 14, 2023.
  14. ↑ Jeans, David (July 25, 2022). "High-Living CEO Of Goldman Sachs-Backed Slync Suspended Following Reports Of Financial Impropriety". Forbes. Retrieved February 14, 2023.
  15. ↑ Jeans, David (25 October 2023). "Goldman Sachs-Backed Slync Is Shutting Down — Months After Its Founder Was Arrested On Fraud Charges". Forbes. Retrieved 12 February 2024.
  16. ↑ Hawes, Clarissa (23 October 2023). "Amid legal woes, Slync seeks alternative to bankruptcy, winds down operations". FreightWaves. Retrieved 12 February 2024.
  17. ↑ Jeans, David (February 14, 2023). "FBI Raids Home Of Former CEO Of Goldman Sachs-Backed Tech Company Slync". Forbes. Retrieved 21 February 2023.
  18. ↑ Skores, Alexandra (February 14, 2023). "Feds charge Dallas tech company's ex-CEO in $67 million fraud". The Dallas Morning News. Retrieved February 14, 2023.
  19. ↑ Torr, George (February 16, 2023). "Chris Kirchner: Fraud charge for man who tried to buy Derby County". BBC News. Retrieved February 21, 2023.
  20. ↑ "Northern District of Texas | Jury Convicts Slync Founder | United States Department of Justice". www.justice.gov. 2024-01-25. Retrieved 2024-02-12.
  21. ↑ Yousuf, Saad (July 11, 2024). "Chris Kirchner, former prospective Derby County owner, sentenced to 20 years for fraud". The New York Times. Retrieved July 11, 2024.
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