StrictlyVC: September 26, 2016

Owes HimIn May of last year, Ifty Ahmed was accused by federal regulators of conning his former employer — the venture capital firm, Oak Investment Partners — out of $65 million. According to his former colleagues, Ahmed — who’d joined Oak in 2004 following short stints as a junior investor with both Goldman Sachs and Fidelity Ventures — began bilking the firm almost immediately. The reason: Federal prosecutors in Boston said Ahmed had conspired with longtime friend Amit Kanodia to profit from the planned acquisition of Cooper Tire & Rubber Co. by India-based Apollo Tyres, making $1 million from the deal before it was publicly announced. In the meantime, the SEC froze all his assets, including his brokerage accounts, his investments in Oak’s funds and various properties, such as a home in Greenwich, and two Park Avenue apartments in New York. AppLovin, a 4.5-year-old, San Francisco-based mobile ad tech company backed by just $4 million in angel funding, has sold a majority stake in its business to the Chinese private equity firm Orient Hontai Capital at an enterprise value of $1.42 billion.