Science&HiTechReviewer (talk | contribs) factual, undid edit that was incorrect. He no longer has this wealth, and his board affiliations to credible institutions (X PRIZE and Singularity U) sourced to those institution's own sites. |
Science&HiTechReviewer (talk | contribs) Reverted vandalism edit, which presents a false account, errors to factually stated sourced events, settlement was 65 mil. SEC defense is very relevant. |
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When Infospace stock fell from a peak of $1,000 per share to $2.67 during the [[dot com crash]], Jain was removed as CEO.<ref name=USA>''[http://www.usatoday.com/tech/techinvestor/industry/2005-03-10-infospace_x.htm InfoSpace bubble-era accounting highly "complicated",] [[USA Today]]'', March 10, 2005</ref> The [[Seattle Times]] reported that "InfoSpace's success was built on the hype of its charismatic founder."''<ref name="SeattleTimes1">Heath, David; Pian Chan, Sharon; ''[http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html Dot-con Job: Part 1: Dubious Deals], [[The Seattle Times]]'', 2005</ref><ref name="SeattleTimes2">Heath, David; Pian Chan, Sharon; ''[http://seattletimes.nwsource.com/html/businesstechnology/2002199042_dotcon2main07.html Dot-con Job: Part 2: Cashing Out], [[The Seattle Times]]'', 2005</ref> |
When Infospace stock fell from a peak of $1,000 per share to $2.67 during the [[dot com crash]], Jain was removed as CEO.<ref name=USA>''[http://www.usatoday.com/tech/techinvestor/industry/2005-03-10-infospace_x.htm InfoSpace bubble-era accounting highly "complicated",] [[USA Today]]'', March 10, 2005</ref> The [[Seattle Times]] reported that "InfoSpace's success was built on the hype of its charismatic founder."''<ref name="SeattleTimes1">Heath, David; Pian Chan, Sharon; ''[http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html Dot-con Job: Part 1: Dubious Deals], [[The Seattle Times]]'', 2005</ref><ref name="SeattleTimes2">Heath, David; Pian Chan, Sharon; ''[http://seattletimes.nwsource.com/html/businesstechnology/2002199042_dotcon2main07.html Dot-con Job: Part 2: Cashing Out], [[The Seattle Times]]'', 2005</ref> |
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Jain resigned from the Infospace board of directors on April 28, 2003.<ref>{{cite web |url=http://seattle.bizjournals.com/seattle/stories/2003/04/28/daily5.html|title=InfoSpace severs final ties with founder Jain|date=April 28, 2003|publisher=Puget Sound Business Journal}}</ref> |
Jain resigned from the Infospace board of directors on April 28, 2003.<ref>{{cite web |url=http://seattle.bizjournals.com/seattle/stories/2003/04/28/daily5.html|title=InfoSpace severs final ties with founder Jain|date=April 28, 2003|publisher=Puget Sound Business Journal}}</ref>In a shareholder lawsuit filed in 2003, a lower court federal judge ruled that Jain had purchased shares of Infospace in violation of six month [[short swing]] trading rules, and issued a $247 million judgment against him.<ref>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=20030823&slug=infospace230|title=Ex-InfoSpace chief ordered to pay $247 million penalty|last=Heath|first=David|date=23 August 2003|publisher=Seattle Times|accessdate=24 February 2010}}</ref> While on appeal in 2005, the [[Securities and Exchange Commission]] came to Jain's defense, and the case was settled for $65 million.<ref name="SeattleTimes4">Heath, David; Pian Chan, Sharon; ''Dot-con Job: Part 3: The Aftermath - Unusual ally: SEC'', [[The Seattle Times]]'', 2005</ref> |
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==== Shareholder lawsuit ==== |
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In a shareholder lawsuit, a lower court federal judge ruled that Jain had purchased shares of Infospace in violation of [[short swing]] trading rules, and issued a $247 million judgment against Jain.<ref>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=20030823&slug=infospace230|title=Ex-InfoSpace chief ordered to pay $247 million penalty|last=Heath|first=David|date=23 August 2003|publisher=Seattle Times|accessdate=24 February 2010}}</ref> While on appeal, Jain settled the case for $105 million, while denying liability. Jain's attempt in further litigation to blame his former lawyers for the loss was dismissed.<ref name="SeattleTimes4">Heath, David; Pian Chan, Sharon; ''Dot-con Job: Part 3: The Aftermath - Unusual ally: SEC'', [[The Seattle Times]]'', 2005</ref><ref name="SeattleTimes5">''[http://seattletimes.nwsource.com/html/politics/2008831296_apscotusinfospace.html Court turns down appeal from Infospace founder,]'' The Seattle Times, 9 March 2009.</ref><ref>http://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm</ref> |
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===Freei=== |
===Freei=== |
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In 1999, Jain served on the board of directors of [[Freei]],<ref>[http://www.seattlepi.com/business/vc131.shtml High-flying Freeinternet.com crashes and burns]. Seattle Post-Intelligencer. 13 Oct 2000.</ref> aka FreeInternet.com, an [[online service provider]] that provided dial-up connections without charge, instead using advertisements to gain revenue. Along with serving on the board, Jain's company InfoSpace provided integrated search and content features, such as news, maps, and weather forecasts to the ISP. Jain also invested approximately $5 million in the service before it filed for bankruptcy in mid-2000, shortly after filing for an IPO on March 31, 2000.<ref name="Inforworld">Gates, Dominic; ''[http://web.archive.org/web/20041108211217/http://www.infoworld.com/articles/hn/xml/00/10/09/001009hnfreei.html Freei Files For Bankruptcy], [[Infoworld]]'', October 9, 2000 (accessed 15 Aug 2010).</ref><ref name="BusinessWire">''[http://findarticles.com/p/articles/mi_m0EIN/is_2000_Jan_17/ai_58610889 Freei.Net Offers Comprehensive New Portal Featuring Services From InfoSpace.com], [[Business Wire]]'', January 17, 2000</ref> |
In 1999, Jain served on the board of directors of [[Freei]],<ref>[http://www.seattlepi.com/business/vc131.shtml High-flying Freeinternet.com crashes and burns]. Seattle Post-Intelligencer. 13 Oct 2000.</ref> aka FreeInternet.com, an [[online service provider]] that provided dial-up connections without charge, instead using advertisements to gain revenue. Along with serving on the board, Jain's company InfoSpace provided integrated search and content features, such as news, maps, and weather forecasts to the ISP. Jain also invested approximately $5 million in the service before it filed for bankruptcy in mid-2000, shortly after filing for an IPO on March 31, 2000.<ref name="Inforworld">Gates, Dominic; ''[http://web.archive.org/web/20041108211217/http://www.infoworld.com/articles/hn/xml/00/10/09/001009hnfreei.html Freei Files For Bankruptcy], [[Infoworld]]'', October 9, 2000 (accessed 15 Aug 2010).</ref><ref name="BusinessWire">''[http://findarticles.com/p/articles/mi_m0EIN/is_2000_Jan_17/ai_58610889 Freei.Net Offers Comprehensive New Portal Featuring Services From InfoSpace.com], [[Business Wire]]'', January 17, 2000</ref> |
Revision as of 15:00, 31 December 2010
Naveen Jain | |
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File:Naveen Jain .jpg | |
Born | September 6, 1959 |
Occupation(s) | Co-Founder and CEO, Intelius Founder and CEO (1996-2002), Infospace |
Website | Naveen Jain |
Naveen K. Jain (born 6 September 1959) is a business executive, entrepreneur, and philanthropist. He is the founder of InfoSpace and Intelius. In 1999, Forbes listed him amongst its Top 100 Entrepreneurs, and in 2000, Jain was ranked number 141 on their list of 400 Richest Americans with a net worth of 2.2 billion dollars. During the dot com crash, Jain, along with many other dot com billionaires, dropped off the Forbes list.[1][2] In 2003, Jain co-founded Intelius, a Bellevue Washington-based company that specializes in supplying public records information. His business practices are not without controversy. He currently serves on the Board of Singularity University and is a member of the X PRIZE Foundation's Vision Circle[3][4]
Personal life
Born in 1959, Jain left New Delhi, India in 1979 through a business-exchange program to explore the emerging U.S. high-technology market. He first worked on microprocessors for Burroughs Corporation (now Unisys).[5][6]He is married and has three children. He lives in Medina, Washington.
Professional background
Microsoft and MSN
In 1989, Jain joined Microsoft in Redmond, Washington, working in the capacity of Program Manager. He initially began working on OS/2 and then moved on to several of Microsoft's flagship products, including MS-DOS, Windows NT, and Windows 95 (for which he holds three patents[7]).[further explanation needed] He later moved to the development of the Microsoft Network. In April 1996, he left to form InfoSpace.[6]
InfoSpace
Jain founded InfoSpace in March 1996 and served as Chief Executive Officer until 2002.[5] Between 1995 and 2000, Jain was featured in several business publications which noted his manic demeanor and pointed out quirks in his personality, while noting his personal worth, which was approaching one billion dollars.[6][8][9] In 2000, Naveen was ranked 121 on the Forbes 400 Richest Americans, with a net worth of USD$2,200 million.[10]
When Infospace stock fell from a peak of $1,000 per share to $2.67 during the dot com crash, Jain was removed as CEO.[11] The Seattle Times reported that "InfoSpace's success was built on the hype of its charismatic founder."[5][12]
Jain resigned from the Infospace board of directors on April 28, 2003.[13]In a shareholder lawsuit filed in 2003, a lower court federal judge ruled that Jain had purchased shares of Infospace in violation of six month short swing trading rules, and issued a $247 million judgment against him.[14] While on appeal in 2005, the Securities and Exchange Commission came to Jain's defense, and the case was settled for $65 million.[15]
Freei
In 1999, Jain served on the board of directors of Freei,[16] aka FreeInternet.com, an online service provider that provided dial-up connections without charge, instead using advertisements to gain revenue. Along with serving on the board, Jain's company InfoSpace provided integrated search and content features, such as news, maps, and weather forecasts to the ISP. Jain also invested approximately $5 million in the service before it filed for bankruptcy in mid-2000, shortly after filing for an IPO on March 31, 2000.[17][18]
Intelius
In 2003, Jain co-founded Intelius, a Bellevue, Washington-based company specializing in public records information and offering service to consumers and businesses which include background checks and identity theft protection. Co-founders included John Arnold, Ed Petersen, Kevin Marcus, Niraj Shah, and Chandan Chauhan.[19][20]
Philanthropic Activities
Jain currently has a philanthropic relationship with the Boys and girls club of Bellevue, Washington as well as with the National Network to End Domestic Violence. Other philanthropic activities include those with Hopelink, Kindering Care, TreeHouse, PEPS, and Cry-Child Relief. He supports organizations which benefit the Indian and South Asian community through education, research, spreading cultural awareness, and other social needs in honor of his Indian heritage. His contributions include donations to the Indian American Education Foundation, Chaya, the National Bureau of Asian Research, the Vedic Cultural Center, Asha for Education, as well as SMVA Trust. Other donations have gone to the United Way, Children's Hospital, Overlake Service League, IAFF Firefighters, University Prep, University of Washington, and the Seattle Art Museum.[21][unreliable source?][undue weight? – discuss]
Jain is the Co-Chairman of Education and Global Development at the X Prize Foundation, where he focuses on finding entrepreneurial solutions concerned with global challenges in education, poverty, agriculture, health and clean water. Additionally he is a trustee of the board of Singularity University which makes it their mission to educate and inspire leaders to address humanity's grand challenges through innovative technologies.[22][undue weight? – discuss] Jain told the Seattle PI in their 2007 article surrounding Indian Institutes of Technology that "Whether you are an IIT grad or from any school, I believe it is your duty to give back to the people who made you successful, which really is the community you live in.... You can never ever help the same person who helped you. You always have to help someone else."[23][undue weight? – discuss]
References
- ^ <http://www.forbes.com/finance/lists/54/2000/LIR.jhtml?passListId=54&passYear=2000&passListType=Person&uniqueId=7I27&datatype=Person>
- ^ <http://www.forbes.com/2001/06/22/billdropoffs.html>
- ^ <http://singularityu.org/about/board-of-trustees/naveen-jain/>
- ^ <http://www.xprize.org/about/vision-circle>
- ^ a b c Heath, David; Pian Chan, Sharon; Dot-con Job: Part 1: Dubious Deals, The Seattle Times, 2005
- ^ a b c Smarter than Bill, Red Herring, June 30, 1997
- ^ US patent 6357000 US patent 5655154 US patent 5434776
- ^ "Skill Shop". The Financial Express. 26 Oct 1999. Archived from the original on Jun 02, 2008. Retrieved 18 August 2010.
{{cite web}}
: Check date values in:|archivedate=
(help) - ^ Techno-poet who is smarter than Bill Gates Sunday Business. 28 May 2000
- ^ "Forbes 400 Richest in America 2000". Retrieved 2008-03-02.
- ^ InfoSpace bubble-era accounting highly "complicated", USA Today, March 10, 2005
- ^ Heath, David; Pian Chan, Sharon; Dot-con Job: Part 2: Cashing Out, The Seattle Times, 2005
- ^ "InfoSpace severs final ties with founder Jain". Puget Sound Business Journal. April 28, 2003.
- ^ Heath, David (23 August 2003). "Ex-InfoSpace chief ordered to pay $247 million penalty". Seattle Times. Retrieved 24 February 2010.
- ^ Heath, David; Pian Chan, Sharon; Dot-con Job: Part 3: The Aftermath - Unusual ally: SEC, The Seattle Times, 2005
- ^ High-flying Freeinternet.com crashes and burns. Seattle Post-Intelligencer. 13 Oct 2000.
- ^ Gates, Dominic; Freei Files For Bankruptcy, Infoworld, October 9, 2000 (accessed 15 Aug 2010).
- ^ Freei.Net Offers Comprehensive New Portal Featuring Services From InfoSpace.com, Business Wire, January 17, 2000
- ^ "Intelius, Inc". Retrieved 2007-04-13.
- ^
Nina Shapiro (April 11, 2007). "Intelius Says it's Capable of Conducting a Full Background Check on Anyone". Seattle Weekly. Retrieved 2007-04-13.
{{cite journal}}
: Cite journal requires|journal=
(help) - ^ Naveen Jain Philanthropy. Faces of Philanthropy, accessed December 21st, 2010.
- ^ TSN:Naveen Jain. The Science Network, accessed December 21st, 2010.
- ^ Andrea James (March 2nd, 2007).Indian Institutes of Technology alumni are at home in Seattle. Seattle PI, accessed December 21st, 2010.