The Aporia · California tech CEO busted in bizarre $2M smart ring scam after ripping off British business owner

California tech CEO busted in bizarre $2M smart ring scam after ripping off British business owner

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Banchariya, S. (2026, September 28). California tech CEO busted in bizarre $2M smart ring scam after ripping off British business owner. New York Post. https://nypost.com/2026/09/28/us-news/california-tech-ceo-busted-in-international-2m-smart-ring-ponzi-scheme/

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Quick Summary

Michelle Bisnoff, CEO of Esos Rings Inc., has been convicted of running a $2 million Ponzi scheme and fraudulently obtaining a $150,000 federal business-relief loan during the pandemic. She falsely claimed ownership of patented smart rings belonging to a UK company and fabricated partnerships with major retailers like Target and Walmart, as well as Apple and Roc Nation, to lure investors. Bisnoff offered excuses when she failed to deliver promised returns and attempted to embezzle funds from her employer to repay investors but was unsuccessful. She faces sentencing on January 21, 2027, for multiple fraud, money laundering, and identity theft charges, potentially leading to decades in prison.

Written by AI on 2026-09-28, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

Michelle Bisnoff, CEO of Esos Rings Inc., was arrested in a $2 million Ponzi scheme involving fraudulent claims about patented smart payment rings. The scam began in 2017 when Bisnoff falsely claimed ownership of NFC payment ring patents that actually belonged to McLear Ltd., a UK-based company she had been hired by to develop its U.S. market.

Bisnoff solicited money from investors, stating funds would boost manufacturing and inventory for major retailers like Target and Walmart. In reality, Esos had no agreements with these retailers beyond selling six rings through Walmart, three of which were returned.

Additionally, Bisnoff falsely claimed that Apple Inc. and Roc Nation were investing in her company despite having no actual deals with either entity. When investors did not receive promised returns, she provided excuses similar to "the dog ate my homework," attempting to embezzle approximately $500,000 from a federal business-relief loan during the pandemic.

Written for “Tech CEO Scam Arrested” on 2026-11-03, grounded in this article and the 0 other(s) covering the same event.

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1 of 14 hedged ("reportedly", "may", "according to")

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New York Post's corrections and hedging, across everything collected from it. Not a measure of accuracy.

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Who wrote this

Sheetal Banchariya

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Claims (14 extracted, 1 hedged)

A wearable tech company’s boss will spend decades in prison for running a near-$2 million Ponzi scheme, duping investors with fabricated patent ownership and fraudulently obtaining a federal business-relief loan during the pandemic. asserted

boss → spend → pandemic

Michelle Bisnoff, CEO of Esos Rings Inc., began the scheme in 2017 by claiming ownership of patented near-field communication (NFC) payment rings that actually belonged to McLear Ltd., a UK-based company that had hired her to develop its U.S. market, the U.S. Attorney’s Office said Friday. She solicited money by telling investors the funds would boost manufacturing and build inventory to meet high demand from major retailers like Target and Walmart, authorities said. asserted

authorities → begin → Target

In reality, Esos had no agreements with Target, had generated very little revenue, and had sold just six rings through Walmart, three of which were returned by customers. She also falsely claimed that Apple Inc. and Roc Nation were investing in the company, though Esos had no deals with either entity. asserted

Esos → have → entity

When Bisnoff failed to deliver promised returns, she offered what an investor at her seven-day trial described as “dog-ate-my-homework” excuses. asserted

investor → fail → excuses

She then attempted to embezzle approximately $550,000 from an employer to pay back investors, but those checks bounced. asserted

checks → attempt → investors

In total, Bisnoff defrauded investors out of nearly $2 million, causing roughly $1.4 million in direct losses. asserted

Bisnoff → defraud → losses

Alongside the investment fraud, Bisnoff illegally applied for federal COVID-19 relief through the Economic Injury Disaster Loan (EIDL) program in March 2020. asserted

Bisnoff → apply → March

After receiving a $150,000 loan, she funneled part of the funds into her personal lifestyle, including a $15,600 monthly rent payment on a leased house in Pacific Palisades. asserted

she → receive → Palisades

Back in 2023, the SEC had sued Bisnoff and her company for ripping off investors to the tune of $1.95 million. asserted

SEC → sue → million

Later that year, a court ordered them to cough up over $836,000 in 20 days. asserted

court → order → days

But according to court records, neither Bisnoff nor Esos has paid back a single dime. uncertain

Bisnoff → accord → dime

U.S. District Judge Mónica Ramírez Almadani has scheduled a Jan. 21, 2027, sentencing hearing following Bisnoff’s conviction on multiple fraud, money laundering, and identity theft charges. asserted

Almadani → schedule → charges

Each count of securities fraud and wire fraud carries a statutory maximum penalty of 20 years in federal prison, while each money laundering charge carries up to 10 years. asserted

charge → carry → years

Additionally, the aggravated identity theft counts carry a mandatory two-year federal prison sentence that must be served consecutively to any other term imposed. asserted

that → carry → term

California tech CEO busted in bizarre $2M smart ring scam after ripping off British business owner

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