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Illustration: Lazaro Gamio/Axios

Iftikar Ahmed has been found liable for defrauding Oak Investment Partners, the venture capital firm where he served as a general partner and invested in such companies as Circle, Kayak and GMarket.

Why it matters: Swifty Ifty is a cautionary tale for private investment partnerships that usually operate on implicit trust.

His saga also highlights the need for robust financial controls, likely above and beyond what most VC and PE firms currently employ.

The short story is that Ahmed lied to his partners about the capital requirements for certain overseas investments, and then pocketed the difference via a series of shell companies and secret accounts. He later fled for India, where he remains to this day. Among those he left behind were three minor children and wife Shalini, a former Goldman Sachs banker whose name was on several of the accounts and who also was listed as a defendant.

Ahmed never really denied the allegations, instead asserting his 5th Amendment rights against self-incrimination. Per the summary judgment handed down last Thursday in a Connecticut courtroom:

"Defendant has received the benefit of the Fifth Amendment privilege at every stage of this proceeding, and now he must also bear the consequences of that decision."

Ahmed also never explained why someone with millions of dollars in assets and several high-value homes would need to rob his own shop (particularly when he was still in line for future carry). One theory relates to a 2013 cancer diagnosis that was disclosed during the trial, but a better theory remains simple greed.

Last Thursday's summary judgment only dealt with liability, while a second part will address appropriate relief. No comment yet from Ahmed, the SEC nor Oak (which was decimated by Ahmed's actions).

Go deeper

Ina Fried, author of Login
19 mins ago - Technology
Column / Signal Boost

Huawei sanctions snarled chip supply chains

Illustration: Sarah Grillo/Axios

The largely successful U.S. effort to hobble China's Huawei has benefitted a host of other tech companies — from smartphone makers such as Apple and Xiaomi to chipmakers like Qualcomm to network vendors including Nokia and Ericsson.

Yes, but: The massive disruption to the industry furthered an industry wide mismatch between supply and demand, exacerbating the global chip shortage.

Tina Reed, author of Vitals
39 mins ago - Health

Overturning Roe could strain abortion access even in blue states

The Supreme Court is reflected in a woman's sunglasses during a march Oct. 2. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

If the Supreme Court overturns Roe v. Wade, abortions could be harder to access even in states where they remain legal, because those clinics could be flooded with patients from states that have cracked down.

The big picture: This has happened before, and clinics fear the crush of demand would be a major problem in the immediate wake of a decision that would allow states to ban abortion.

A critical race theory founder says he's being inundated with threats

Richard Delgado. Photo: Courtesy of Richard Delgado

Richard Delgado, one of the founders of the critical race theory movement, tells Axios he and his wife have been receiving a steady stream of threatening messages since the coordinated, conservative campaign against critical race theory began.

Why it matters: Educators across the country — even some elementary school teachers — have faced harassment and threats over the past year over lesson plans that teach about system racism in the U.S.