• May 2024: Kubient's website touted being a blend of ad veterans and developers committed to solving ad fraud. It linked old blog posts.
• Present: Kubient's website is unreachable, the team is gone, and CEO Paul Roberts is due to serve one year and one day in prison after pleading guilty to creating a fraud world.
• The Case: Roberts initiated an I-pay-you, you-pay-me gambit with an unnamed "Company-1". Kubient and the firm billed each other for similar amounts, with Kubient using KAI to find ad fraud. Roberts directed employees to generate fake KAI reports based on made-up metrics.
• Before IPO: In August 2020, before Kubient's IPO, it issued a prospectus noting $42 billion lost to ad fraud in 2019. Its technology was touted as fast and leveraging machine learning. Revenues in 2020 showed a huge jump from 2019, thanks to "two enterprise customers" beta testing KAI. Roberts added language about identifying more ad fraud. Kubient raised over $33 million.
• Investigations: The Securities and Exchange Commission, US Postal Inspection Service, and US Attorney's Office led to charges against Roberts in September 2024. The former CFO and audit committee chair were also charged.
• After Plea: Kubient was in Chapter 7 liquidation and announced a merger with Adomni and taking on the Adomni name in May 2023.