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Explain this story: Smart Ring CEO Told Investors Apple Backed Her and Walmart Was Buying. It Was a $2 Million Ponzi Scheme
Michelle Bisnoff, former CEO of a wearable technology company, was convicted of running a nearly $2 million Ponzi scheme. She falsely claimed her smart rings had backing from Apple and Roc Nation, and retail agreements with Walmart and Target, while using most investor money for personal expenses. Bisnoff was also found guilty of wire fraud related to a $150,000 Covid-relief loan.
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Michelle Bisnoff, former CEO of a wearable technology company, was convicted of running a nearly $2 million Ponzi scheme. She falsely claimed her smart rings had backing from Apple and Roc Nation, and retail agreements with Walmart and Target, while using most investor money for personal expenses. Bisnoff was also found guilty of wire fraud related to a $150,000 Covid-relief loan.
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Published Sep 26, 2026, 20:18 ET · on this site +5h 33m