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Market Manipulation: KIT Digital’s Ex- CEO Tuzman Arrested

Kaleil Isaza Tuzman, the former chairman and CEO of KIT Digital and star of the 2001 documentary, Startup.com is facing charges on allegations of market manipulation and accounting fraud.

Authorities arrested Tuzman in Colombia yesterday on market manipulation charges. He is currently held in the country pending extradition proceedings.

Aside from Tuzman, Kit Digital’s former chief financial officer Robin Smythe was also arrested in Australia on accounting fraud charges. He is also currently held in the country pending extradition proceedings.

The Office of the U.S. Attorney General for the Southern District of New York, the Federal Bureau of Investigation (FBI) and the U.S. Postal Inspection Services (USPIS) announced the arrests of Tuzman and Smythe on maket manipulation and accounting fraud charges.

Market manipulation scheme

U.S. authorities alleged that Tuzman and a co-conspirator operated a hedge fund between December 2008 and September...


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