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. The layoffs came just days after the company received a $750 million cash infusion with a valuation of $7 billion, according to 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.

He told Fortune: 'I think they could have been phrased differently, but honestly the sentiment is there.' Garg later confirmed to Fortune that he was the person who wrote the post despite it being written under the username 'uneducated.' He said: 'You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system? They were stealing from you and stealing from our customers who pay the bills that pay our bills. Your employment here is terminated effective immediately.'įollowing the call, Garg reiterated his stance and accused some of his workers of being lazy on a blogpost on Blind. 'If you are in this call you are part of this unlucky group that is being laid off. The market, efficiency, performances, and productivity. 'We are laying off about 15 percent of the company for a number of reasons. Devin Nunes Announces He's Leaving Congress for Trump Media CEO Job

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