Blessing Egbon, who was the founder and chief executive officer of Milwaukee-based Exit 7C, has been sentenced after pleading guilty to three counts of wire fraud last year.
Sentencing documents show Egbon was sentenced to 51 months (just over four years) of jail time, followed by three years of supervised release. He’s also been ordered to pay $3.05 million in restitution.
Egbon obtained over $6.2 million from 11 investors based on “materially false and fraudulent pretenses,” according to court documents.
Egbon, who used to own gas stations in North Carolina and Virginia, created a digital fuel card that allows users to buy gas at certain stations around the country through its mobile app to prevent credit card skimming.
According to a previously filed plea agreement, Egbon told investors he had been involved with certain business entities that do not exist, and also exaggerated the role he played in these fictitious businesses. He also allegedly made false statements to investors about Exit 7C’s revenue, profits, growth and overall financial performance.
Exit 7C was previously part of Milwaukee’s fall 2016 gener8tor program and received a $50,000 investment from BrightStar Wisconsin Foundation Inc. The company was started in Washington, D.C. but Egbon chose to relocate to Milwaukee after taking part in the gener8tor program.
