Canopy Financial, "a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services" at ranked no. 12 on the 2009 Inc. 500 list of fastest growing companies, is a total sham.
TechCrunch breaks the news that the company, located at 201 Spear, is just another shady company.
Multiple sources have told us that Canopy was absolutely making up their financial statements, even forging audited statements with fake KMPG letterhead. And somehow the investment bank and all the investors never figured it out.
As of this morning, "all trace of the company have been erased from the portfolio pages of investors GGV Capital, Spectrum Equity and Foundation Capital," reports Tech Crunch. "And their investment bank has erased them from their trophy page as well."
The firm's CEO, Vikram Kashyap, claims that he didn't know nothing about nothing. His attorney states:
Vik Kashyap had no prior knowledge whatsoever of any fraud regarding Canopy’s financial statements. He is as surprised as anyone about these allegations. He relied on financial and legal professionals in accepting the authenticity of the company’s financials. Going forward, he will leave his role as CEO of Canopy, but will remain as Chairman of the Board of Directors, helping to ensure that anyone who committed fraud is held fully accountable.
No arrests have been made.