![]() ![]() The whole point of options is to incentivize four years of work. ![]() “It’s crazy,” a former senior employee told the Daily Beast. In August, the Daily Beast reported that Elana Knoller, one of Garg’s most “loyal lieutenants,” was given favorable stock options “potentially worth tens of millions of dollars.” Knoller also allegedly received at least $8,000 each month for two homes, as well as other perks. The allegation resulted in a deposition that saw Garg threaten to “staple against a f*cking wall and burn him alive.” Garg, on the other hand, claimed that Khan stole $400,000. He also accused him of improperly transferring $3 million from the company to his personal bank account. In 2013, Raza Khan, who co-founded a company called Education Investment and Finance Corporation (EIFC) with Garg, filed a lawsuit claiming that Garg had not been filing their business’ taxes, according to Forbes. According to multiple reports, the 43-year-old has been accused of tax fraud, financial mismanagement and mistreatment of his employees. The terminated employees will receive a month of severance pay, a month of full benefits and two months of cover-up.Ī troubled history: The mass termination has uncorked a geyser of negative stories from Garg’s past. The layoffs came just days after reportedly received $750 million in funding as a result of its plan to go public through a Special Purpose Acquisition Company (SPAC). He claimed it was the second time he did it in his career and that he cried the first time. The Indian American executive cited staff performance, productivity and market changes as reasons behind the mass termination, according to the BBC. ![]() “Your employment here is terminated effective immediately.” “If you're on this call, you are part of the unlucky group that is being laid off,” Garg said on the call, which was later leaked on the internet. The number represented 9% of the mortgage company’s workforce, according to CNN. ![]() The rundown: Garg, who founded in 2016, fired more than 900 employees in a Zoom call last Wednesday. Chief Executive Officer Vishal Garg, who is currently making headlines after firing over 900 people before the holidays, has a history of fraud, mishandling finances and mistreating employees, according to reports. ![]()
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