Chris Kirchner

Chris Kirchner
BornAugust 1987 (age 37)
San Francisco, California
Alma materUniversity of Kentucky
OccupationEntrepreneur
Known forCo-founder, Slync.io
Criminal chargesFraud[1]
Criminal penalty20 years in prison
Criminal statusIncarcerated

Christopher Steven Kirchner (born August 1987)[2] 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.

Early life and education

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Kirchner was born in San Francisco, California[3] and studied international marketing at Butler University before moving on to study communications at the University of Kentucky,[4] leaving in 2009 before graduating.[5]

Career

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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,[4] where he met Raj Patel while working with a Salesforce contact.[5]

In 2017, Kirchner and Patel co-founded the logistics firm Slync.io, where Kirchner served as the company's CEO.[4] Investors in the business included Goldman Sachs and Blumberg Capital, with funding rounds totaling $80m, valuing the company at $240m.[5]

In late 2021, Kirchner was also among several potential bidders for the then financially-troubled English association football club Derby County,[6][7] publicly declaring his interest in November[8] before withdrawing his bid on December 24, 2021.[9] After a failed attempt to buy Championship rivals Preston North End,[10][11] he renewed his interest in Derby County and was confirmed as preferred bidder on April 6, 2022.[12] He withdrew his bid for the club in June 2022.[13]

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.[5] Kirchner was first suspended[14] and then fired by Slync.io in August 2022[5][15] after making financial misrepresentations to the company board.[16]

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".[17][18]

Wire fraud and money laundering convictions

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In February 2023, Kirchner's home in Westlake, Texas was raided by the FBI[19] and he was charged with wire fraud for transferring $20 million in company funds to his personal bank account while employed at Slync.[20] 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,[21] and membership of an exclusive Dallas-area golf club called the Vaquero.[14]

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.[1] He was sentenced to 20 years in prison and ordered to pay over $65m in restitution.[22]

References

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  1. ^ a b "Northern District of Texas | Jury Convicts Slync Founder | United States Department of Justice". www.justice.gov. 2024-01-25. Retrieved 2024-02-12.
  2. ^ "Christopher Steven KIRCHNER". Companies House. 2022-04-12. Retrieved 2024-08-19.
  3. ^ Hodgson, George (March 7, 2022). "What we know about Chris Kirchner's proposed takeover of Preston North End". Lancs Live. Retrieved February 14, 2023.
  4. ^ a b c Pegden, Tom (May 17, 2022). "Chris Kirchner – who is the American businessman buying Derby County?". Business Live UK. Retrieved February 14, 2023.
  5. ^ a b c d e 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.
  6. ^ "Derby County: Wayne Rooney welcomes US businessman Chris Kirchner's interest in buying club". BBC Sport. October 26, 2021. Retrieved October 29, 2021.
  7. ^ 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.
  8. ^ "Derby County: Administrators aim to find preferred buyer in 'two to three weeks'". BBC Sport. November 21, 2021. Retrieved November 22, 2021.
  9. ^ Stone, Simon (December 24, 2021). "Derby County: Chris Kirchner withdraws bid to buy Championship club". BBC Sport. Retrieved December 24, 2021.
  10. ^ Hodgson, George (March 23, 2022). "Deal 'close' for US businessman Chris Kirchner to take over Preston North End". Lancs Live. Retrieved February 15, 2023.
  11. ^ 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.
  12. ^ "Derby County: Chris Kirchner confirmed as preferred bidder to buy Rams". BBC Sport. April 6, 2022. Retrieved April 6, 2022.
  13. ^ Stone, Simon (June 13, 2022). "Derby County: Chris Kirchner withdraws bid to buy League One side". BBC Sport. Retrieved June 14, 2022.
  14. ^ a b Jeans, David (July 25, 2023). "High-Living CEO Of Goldman Sachs-Backed Slync Suspended Following Reports Of Financial Impropriety". Forbes. Retrieved February 21, 2023.
  15. ^ "Slync.io Lays off Staff and Fires CEO Chris Kirchner". Business Insider. August 5, 2022. Retrieved February 14, 2023.
  16. ^ Jeans, David (July 25, 2022). "High-Living CEO Of Goldman Sachs-Backed Slync Suspended Following Reports Of Financial Impropriety". Forbes. Retrieved February 14, 2023.
  17. ^ 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.
  18. ^ Hawes, Clarissa (23 October 2023). "Amid legal woes, Slync seeks alternative to bankruptcy, winds down operations". FreightWaves. Retrieved 12 February 2024.
  19. ^ Jeans, David (February 14, 2023). "FBI Raids Home Of Former CEO Of Goldman Sachs-Backed Tech Company Slync". Forbes. Retrieved 21 February 2023.
  20. ^ 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.
  21. ^ Torr, George (February 16, 2023). "Chris Kirchner: Fraud charge for man who tried to buy Derby County". BBC News. Retrieved February 21, 2023.
  22. ^ 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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