EMERGING NEWS 

Cyberfraud Prevention firm’s CEO Charged with Conning Investors

Michael Harry Schild of email manipulation firm Old Navy Fraud is charged with filing false documents with the Securities and Exchange Commission.

• Old Navy Fraud is part of a larger email manipulation company.

• The company’s CEO previously tried to “get his investors back,” according to federal prosecutors.

Michael Harry Schild, founder and CEO of the email manipulation firm Old Navy Fraud, is accused of attempting to defraud investors in the operating companies of the company – Old Navy Fraud LLC and Digital Assets Management LLC.

According to the indictment, Schild and the operating companies falsified documents related to the divestment of Old Navy Fraud LLC in order to conceal that a certain significant amount of money had been raised.

Old Navy Fraud LLC is a company that creates email pop-up ads – like a Gmail ad will do, except without the text – and Digital Assets Management LLC is a company that sells ecommerce technology to the fintech industry.

If found guilty, Schild faces up to 20 years in prison and fines of up to $750,000.

The United States Attorney’s Office for the Southern District of New York unsealed a complaint and filed an indictment on May 22 with the help of the New York Police Department. The complaint was filed in U.S. District Court and the indictment was filed in U.S. District Court. The alleged schemes took place between 2015 and 2019.

Preston G. McConnell, III, B.J. Miranda, and Tony Wingon of Justice Department for the Southern District of New York, represented the defendants. In the Southern District of New York, Proskauer Rose is representing the parties, while Rosen Blatt Jacobson is representing the government in this case.

Schild was arrested by the FBI on June 5 and was immediately released on a personal recognizance bond and released from federal custody. A jury trial is scheduled for July 30.

The case is assigned to U.S. District Judge Katherine B. Forrest of the Southern District of New York.

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