The tech industry has had many legends over the years. There are many controversies around these tech legends, and the people who seek to emulate them. Some people say that they are good for the world, while others say that they are bad. There is no one answer to this question. Some have been penalized and fined for their actions while others have been honored with awards.
Some of the most notable tech legends are Steve Jobs, Bill Gates, and Elon Musk. All three of these men have done a lot of great things in the world of technology and all three have been penalized or fined for their actions at one point or another. In the past year, there have been a number of controversies in the tech industry. One of the most controversial is the case against Steve Jobs. There are charges that he stole ideas from others and used them for his own good. Jobs was also known for being an abusive boss to his employees. However, new tech entrepreneurs such as Elizabeth Holmes, Manish Lachwani, and Vincent Lam are now also included on the list of people who have been penalized in court for their actions, leaving a scar on the talented tech community.
In this blog section, we will be discussing the tech co-founders and executives who violated the law and the penalties imposed by the court.
Bill Gates: Co-Founder of Microsoft
Bill Gates, the former world’s richest person and the co-founder of Microsoft, will live on in the archives of technical history. Following the creation of Microsoft, computer use became accessible to individuals of all socioeconomic backgrounds. But do you know that even this tech legend was subjected to a civil penalty and was penalized by the court? The United States Justice Department declared in 2004 that Bill Gates had violated stock-purchase regulations in 2002. Without complying with antitrust notice rules, Gates used his personal investment company to spend $50 million to purchase the voting securities stock of a pharmaceutical company called ICOS Corp.
The United States Federal Trade Commission filed a civil lawsuit against Gates in the United States District Court in Washington, D.C., alleging that he violated the Hart-Scott-Rodino Act of 1976. As a result, Gates was compelled to pay a civil penalty of $800,000 to resolve the charges he violated.
Ren Zhengfei: CEO of Huawei
Huawei is a global leader in 5G technology, having linked over three billion people in more than 170 countries. Furthermore, due to its spectacular features, Huawei is the biggest headache for other telecom and smartphone companies. However, in the trade battle between the United States and China, Huawei has always been used as a scapegoat. The US government banned Huawei claiming that its devices include espionage spyware meant to track US people’ personal info. Huawei CEO Ren Zhengfei refuted the charge, claiming that the US is afraid of fair competition. Ren Zhengfei highlighted China as the future tech powerhouse. Regardless, Ren Zhengfei was penalized one million yuan ($149,209) for unsatisfactory management services in recent years, certain business units have encountered business quality accidents and business fraud, in addition to bad management services, and the company’s management is liable for the management of inadequate leadership. Chinese officials found relevant evidence and fined four more of Huawei’s core executives. Despite that, Huawei still holds its leadership position in the telecom industry.
John McAfee: Founder of McAfee
When it comes to protecting your computer from malware and viruses, McAfee is still a trusted name. McAfee has always shown its worth, from computer security to mobile security to internet security. Even now, McAfee is the most used antivirus software in the world. However, the founder of this company, John David McAfee, had a tragic end to his life. This 75-year-old British-born software mogul was charged with tax evasion and bitcoin fraud. McAfee had spent a year on the run from US authorities, spending some of that time onboard a mega yacht. When he arrived at Barcelona Airport to catch a flight to Istanbul, he was detained by Barcelona police. The Spanish Supreme Court ordered his extradition to the United States after nine months in prison in Barcelona. After the trial, he committed suicide in the jail.
He had a fascinating technological career, working at NASA, Xerox, and Lockheed Martin. He didn’t pay taxes to the US government for eight years due to ideological conflicts with US policies. He also volunteered his assistance in guiding Cuba to use bitcoin to fight against U.S. trade sanctions.
Vincent Lam : Co-Founder of Matidor
Project management software is essential in the business arena for managing various projects. A company called Ark Innovation Technology developed some outstanding map-based project management software called Arkit, which is used by many corporate project managers. However, Arkit’s users became puzzled when they noticed the same sort of mapping-based software branded with the name Matidor Technologies, which claimed to be the sister concern of Ark Innovation Technology. When Ark Innovation Technology officials began excavating, they discovered something unexpected. The officials discovered that Matidor was affiliated with Vincent Lam, the former co-founder of Ark Innovation Technology. Things became even more startling and shocking when they discovered that the source code utilized in Matidor’s software was stolen from Ark Technology.
When the investigation began, it was revealed that Vincent Lam from Vancouver had taken the source code for the mapping-based management program before resigning. After two years of legal wrangling, Federal Judge Nicholas McHaffie found Vincent Lam guilty of copyright infringement. The court also issued a final verdict against Vincent Lam’s Matidor Technologies Inc. and ordered an injunction prohibiting him from using the software and promotional materials that were originally owned by Ark Innovation Technology, as well as fined Vincent Lam $277,400 for causing damage to a reputable software company. It is a remarkable case and an important example for software copyright violations.
About the Author:
Wali I. is a SEO Link Builder at LinKRanKseo.com and an Independent professional at Upwork. Wali I. has been working with internet marketers in various Off-Page SEO and Link Building projects in the last 8 years and gain valuable experience in this field. Wali I. also has a strong involvement in the affiliate marketing industry.