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Fast fashion fraud: Startup founder charged with $300M fraud freed on $1M bail
A former chief executive of two clothing technology companies was released on $1 million bail Friday after pleading not guilty to charges alleging she cheated investors of over $300 million over the past six years.
Christine Hunsicker, 48, of Lafayette, New Jersey, was charged with six counts, including fraud, aggravated identity theft and false statement charges in the indictment in Manhattan federal court.
U.S. Attorney Jay Clayton said in a release that Hunsicker forged documents, fabricated audits and made material misrepresentations about her company’s financial condition to defraud investors in CaaStle Inc. and P180.
The indictment said Hunsicker, once portrayed as an on-the-rise fashion entrepreneur, portrayed CaaStle as a high-growth, private company with substantial cash on hand when she knew it faced significant financial distress.
In a statement, defense lawyers Michael Levy and Anna Skotko said prosecutors “have chosen to present to the public an incomplete and very distorted picture in today’s indictment,” despite Hunsicker’s efforts to be “fully cooperative and transparent” with prosecutors and the Securities and Exchange Commission.
“There is much more to this story, and we look forward to telling it,” they said.
Hunsicker did not comment as she left the courthouse with Skotko after entering the not-guilty plea and agreeing to the rules of her $1 million bail, which included not having any contact with former or current investors or employees.
According to the indictment, Hunsicker continued her fraudulent scheme even after the CaaStle board of directors removed her and prohibited her from soliciting investments or taking other actions on the company’s behalf.
She “persisted in her scheme” even after law enforcement agents confronted her over the fraud, the indictment said.
Before the fraud allegations emerged, Hunsicker seemed to be a rising star in the fashion world after she was named to Crain’s New York Business “40 under 40” lists, was selected as one of Inc.’s “Most Impressive Women Entrepreneurs” and was recognized by the National Retail Federation as someone shaping the future of retail, the indictment noted.
At a time when the business was in financial distress with limited cash available and significant expenses, CaaStle was valued by Hunsicker at $1.4 billion, the indictment said.
Hunsicker was lying to investors in February 2019 and continued to do so through this March, prosecutors alleged.
They said she fed investors falsely inflated income statements, fake audited financial statements, fictitious bank account records and sham corporate records.
She allegedly told one investor in August 2023 that CaaStle reported an operating profit of nearly $24 million in the second quarter of 2023 when its operating profit that quarter was actually less than $30,000.
The indictment alleged that she carried out the majority of the fraud by bilking CaaStle investors of $275 million before forming P180 last year to infuse CaaStle with cash before its investors could discover her fraud.
Through misrepresentations and omissions, she cheated P180 investors out of about $30 million, the indictment said.
It said CaaStle filed for Chapter 7 bankruptcy last month, leaving hundreds of investors holding now-worthless CaaStle shares. Hunsicker was forced to resign from CaaStle’s board in December and formally resigned as chief executive in March.
In a related civil filing, the SEC said Hunsicker’s “fake financials” supported her narrative that CaaStle was nearing an initial public offering or sale in late 2022 as it enjoyed rapid and steady revenue growth after launching a new monetization model called “Clothing-as-a-Service.”
“In reality, CaaStle’s revenues were shrinking, its losses were increasing, and the company was never profitable,” the lawsuit said. “Not a single existing or prospective CaaStle investor received accurate monthly, quarterly, or annual CaaStle financial statements from Hunsicker.”
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US Rejects WHO Amendments
U.S. Health and Human Services Secretary Robert F. Kennedy, Jr. and Secretary of State Marco Rubio Friday issued a Joint Statement of formal rejection by the United States of the 2024 International Heath Regulations (IHR) Amendments by the World Health Organization (WHO).
The amended IHR would give the WHO the ability to order global lockdowns, travel restrictions, or any other measures it sees fit to respond to nebulous “potential public health risks.” These regulations are set to become binding if not rejected by July 19, 2025, regardless of the United States’ withdrawal from the WHO.
“The proposed amendments to the International Health Regulations open the door to the kind of narrative management, propaganda, and censorship that we saw during the COVID pandemic,” Secretary Kennedy said. “The United States can cooperate with other nations without jeopardizing our civil liberties, without undermining our Constitution, and without ceding away America’s treasured sovereignty.”
Secretary Kennedy also released a video explaining the action to the American people.
“Terminology throughout the amendments to the 2024 International Health Regulations is vague and broad, risking WHO-coordinated international responses that focus on political issues like solidarity, rather than rapid and effective actions,” Secretary Rubio said. “Our Agencies have been and will continue to be clear: we will put Americans first in all our actions and we will not tolerate international policies that infringe on Americans’ speech, privacy, or personal liberties.”
On June 1, 2024, the World Health Assembly (WHA), the highest decision-making body of the WHO, adopted a revised version of the International Health Regulations through a rushed process lacking sufficient debate and public input.
Praise for today’s action from members of Congress:
“The COVID-19 pandemic exposed how the incompetency and corruption at the WHO demands comprehensive reforms. Instead of addressing its disastrous public health policies during COVID, the WHO wants International Health Regulation amendments and a pandemic treaty to declare public health emergencies in member states, which could include failed draconian responses like business and school closures and vaccine mandates. Since 2022, I have led the No WHO Pandemic Preparedness Treaty Without Senate Approval Act, which the House passed last year. The United States will not allow the WHO to use public health emergencies to devastate our nation. I fully support the Trump administration’s decision to reject the IHR amendments,” said Senator Ron Johnson.
“America’s public health policy belongs to the American people and should never be dictated by unelected globalists at the WHO or the UN. Time and time again, the WHO has demonstrated it cannot be trusted, and I am grateful that the Trump administration is standing strong to protect American sovereignty,” said Congressman Tom Tiffany.
“The United States must never cede our sovereignty to any international entity or organization. I applaud Secretary Kennedy and Secretary Rubio for rejecting the World Health Organization’s (WHO) ill-advised International Health Regulations (IHR) amendments. I have long supported the U.S. withdrawing from the WHO and defunding their power-hungry organization. My legislation, H.R. 401, first introduced in the 117th Congress, does just that while advancing the mission statements of America First and Healthcare Freedom. The WHO, a widely discredited international organization, lost any potential credibility during the COVID-19 pandemic, and we must ensure no future administration grants them any legitimacy or further power over the health of Americans,” said Congressman Chip Roy.
“Secretary Kennedy and President Trump have proven their commitment to putting America First. WHO is an unaccountable international organization that hands individuals’ healthcare freedoms to corrupt bureaucrats. I’m thankful for Secretary Kennedy’s firm stance against WHO’s Pandemic Agreement that will protect Americans’ health freedom and privacy. Let’s Make America Great and Healthy Again,” said Congressman Andy Biggs.
Friday’s announcement is the latest action by Secretary Kennedy and HHS to hold the WHO accountable.
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