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Photo by Chip Somodevilla/Getty Images

Isaac Choi, the founder and CEO of a shuttered start-up called WrkRiot, pleaded guilty on Monday for defrauding former employees, according to the Justice Department. Choi admitted to luring employees to work at his company based on false information about his background and forging documents to reflect salary payments that were actually never made.

Why it matters: The tale of fraud at a Silicon Valley startup got a lot of attention when it publicly unraveled in 2016, providing a stark contrast to the glitzy, millionaire-studded image of many high-flying tech startups. As the NYT put it at the time, "Silicon Valley is always eager to celebrate its success stories, but the reality is that numerous tiny start-ups that few ever hear about form the tech industry’s dysfunctional underbelly."

Details: Choi pleaded guilty to one count of wire fraud, with sentencing scheduled for May 24 in the U.S. District Court of the Northern District of California. According to the DoJ, Choi admitted that he'd lied about attending business school and about his work history to recruit employees. He also admitted to emailing several employees fake wire transfer confirmation documents purporting to reflect salary payments to convince them to continue working for his company.

Go deeper

Updated 13 mins ago - Politics & Policy

Inauguration Day dashboard

Biden delivers his inaugural address on the West Front of the Capitol. Photo by Tasos Katopodis/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: The Celebrate America event, with remarks by Biden and Harris.

Bryan Walsh, author of Future
38 mins ago - Politics & Policy

President Biden faces a deeply broken America

Illustration: Aïda Amer/Axios

As President Biden begins his term in office today, he'll be tasked with leading a country beset with deep, long-term problems.

Why it matters: Though the pandemic has made them worse, existential challenges around inequality, social alienation and political division in the U.S. were in place well before SARS-CoV-2 arrived on American shores. The country's future will depend in large part on whether the choices made over the next four years can flatten the curve of American decline.

Facebook, Instagram transfer accounts, followers to Biden administration

Screenshot of official White House Facebook account.

Facebook on Wednesday confirmed that it is transferring the millions of followers of the official Facebook and Instagram White House accounts to the Biden administration.

Details: The accounts for "@POTUS," "@VicePresident" ("@VP" on Instagram) and "@FLOTUS" are having the followers from their personal Pages and accounts be transferred over. It's unclear when that transition process will be complete.