The founder and former chief executive of a Silicon Valley mobile payments startup has agreed to pay $17 million to settle claims from the U.S. Securities and Exchange Commission that he misled investors about the company’s performance.

According to the SEC’s complaint filed Tuesday in U.S. District Court for the Northern District of California, former Jumio Inc. CEO Daniel Mattes caused the companies’ revenues to be overstated in 2013 and 2014. According to the SEC, Jumio’s financial statements claimed gross revenues $101 million in 2013, when the actual number was only $9.5 million, and claimed $150 million in 2014, when it was only $7.7 million. The SEC also claims that Mattes, 46, of Wels, Austria, misled the company’s board by assuring members that he would not sell his personal shares on the secondary market, when in fact he did just that, selling more than $14 million worth of stock. The company restated its financial results in 2015 and filed for bankruptcy in 2016, leaving investors with nothing.

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