California tech CEO convicted of nearly $2 million smart-ring fraud and loan abuse

The U.S. Attorney’s Office reported that Michelle Bisnoff, CEO of Esos Rings Inc., orchestrated a Ponzi-style operation beginning in 2017, falsely asserting control of patented NFC payment rings owned by the UK firm McLear Ltd. She solicited investor money with promises of contracts with retailers such as Target and Walmart, and alleged investments from Apple and Roc Nation, none of which were real. The fraud resulted in nearly $2 million taken from investors, with about $1.4 million in direct losses, and included a fraudulent $150,000 Economic Injury Disaster Loan obtained in March 2020 that funded personal costs like a $15,600 monthly rent. Bisnoff was convicted on multiple counts of securities fraud, wire fraud, money laundering and aggravated identity theft, and a sentencing hearing is set for Jan. 21 2027.