Kalder CEO Pleads Guilty To Securities Fraud

United States Attorney for the Southern District of New York, Jay Clayton, announced today that GÖKÇE GÜVEN, the founder and former Chief Executive Officer of Kalder Inc. ("Kalder"), pled guilty to one count of securities fraud in connection with a scheme to defraud the investors in Kalder, a technology startup. As part of her plea, GÜVEN agreed to forfeit nearly $7 million in proceeds from her illegal scheme. GÜVEN pled guilty today before U.S. Magistrate Judge Sarah Netburn.

"Gökçe Güven defrauded more than a dozen venture capital investors through material misrepresentations about Kalder's revenue and brand partners, then lied to obtain an immigration benefit," said U.S. Attorney Jay Clayton. "In our startup markets, ambition is not a substitute for honesty. If you lie to investors in any market-public or private; venture or late-stage growth; fintech; biotech; energy; financial services; industrial; etc.-you will be held accountable."

As alleged in the Superseding Information and other public filings in this case:

GÜVEN was the founder and CEO of Kalder, a New York-based technology startup focused on business loyalty and rewards programs. GÜVEN promoted Kalder as a "fintech-marketing platform" that brands could use to create and monetize customized reward programs. In April 2024, GÜVEN began raising Kalder's "seed round," soliciting investments from dozens of venture capitalists. GÜVEN provided prospective investors with false statements, misleading claims, and fabricated documents regarding Kalder's revenue and brand partners. GÜVEN transmitted to potential investors a pitch deck that misrepresented, among other things, that Kalder had 26 brands "using Kalder" and 53 brands in "live freemium" (that is, using basic Kalder services free of charge). As to some brands, Kalder had only entered into pilot programs to provide services for a limited time period and typically at a heavily discounted price. Other brands had no agreement with Kalder whatsoever-not even for free services. Kalder's pitch deck also falsely reported that Kalder's recurring revenue had steadily grown month over month since February 2023 and that by March 2024, Kalder had reached $1.2 million in annual recurring revenue. GÜVEN concealed the true financial condition of the company from multiple investors by maintaining two sets of books-one internal set containing Kalder's accurate monthly and annual financial information that was prepared by Kalder's outside accounting firm, and a second set with false and inflated numbers that was transmitted to investors and prospective investors. GÜVEN also transmitted to prospective investors a forged contract between Kalder and a purported brand partner to further deceive her investors. Through these lies and misrepresentations, GÜVEN raised approximately $7 million from more than a dozen investors.

GÜVEN, a citizen of Turkey, also made false statements and fabricated documents as part of a visa application. Following the expiration of her student visa, GÜVEN caused Kalder to sponsor her for an O-1A visa, which is typically issued to individuals with extraordinary ability in the sciences, education, business, or athletics. GÜVEN's application repeated the same sorts of misrepresentations that GÜVEN had provided to Kalder's investors. GÜVEN also supplied letters of support and reference purportedly signed by business executives but that, in fact, GÜVEN had digitally signed herself without the executives' knowledge or consent. GÜVEN was ultimately issued an O-1A visa in the fall of 2025.

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GÜVEN, 26, of New York, New York, and Turkey, pled guilty to one count of securities fraud, which carries a maximum sentence of five years in prison.

The maximum potential sentence in this case is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. GÜVEN is scheduled to be sentenced by U.S. District Judge Lewis A. Kaplan on September 17, 2026.

Mr. Clayton praised the outstanding work of the Federal Bureau of Investigation and U.S. Postal Inspection Service. Mr. Clayton also expressed appreciation for the assistance of the U.S. Securities and Exchange Commission.

The case is being handled by the Office's Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Allison Nichols and Alexandra N. Rothman are in charge of the prosecution.

On April 7, the Department of Justice announced the creation of the National Fraud Enforcement Division ("Fraud Division"). The Fraud Division is laser-focused on investigating and prosecuting those who commit fraud against the American people. The Department's work to combat fraud supports President Trump's Task Force to Eliminate Fraud, a whole-of-government effort chaired by Vice President J.D. Vance to eliminate fraud, waste, and abuse within Federal benefit programs.