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Turkish entrepreneur Gokce Guven, founder and former CEO of New York-based technology startup Kalder, has been sentenced to 25 months in prison for defrauding venture capital investors of approximately $7 million and using false claims and forged documents to obtain a U.S. immigration benefit.
The 27-year-old, who was featured on the cover of Forbes' 2025 30 Under 30 list for Marketing & Advertising, was also ordered to pay $6.7 million in forfeiture and an additional $6.7 million in restitution to victims, the U.S. Justice Department announced Friday.
Guven pleaded guilty to one count of securities fraud on May 15, 2026, before U.S. Magistrate Judge Sarah Netburn. U.S. District Judge Lewis A. Kaplan imposed the prison sentence in Manhattan.
Guven began raising a seed round for Kalder, which develops loyalty and rewards programs for businesses, in April 2024, approaching dozens of venture capital investors with inflated claims about the startup's revenue, customers, and partnerships.
Its pitch deck claimed that 26 brands were using Kalder and another 53 were using its basic services for free. In reality, some had only entered limited pilot programs at discounted prices, while others had no agreements with the company.
The deck also overstated recurring revenue, claiming it had reached $1.2 million in annual recurring revenue.
Guven kept two sets of books to conceal Kalder's financial position, prosecutors said: one with accurate figures prepared by the company's outside accounting firm and another with inflated numbers shared with investors.
She also circulated a forged contract with a purported brand partner. The misrepresentations helped her raise approximately $7 million from more than a dozen investors.
Guven also used false claims to obtain an O-1A visa after her student visa expired. The visa, intended for individuals with extraordinary ability in fields including business, science, education and athletics, was granted in fall 2025 but has since been revoked.
Her application repeated claims made to investors about Kalder's performance and included reference letters purportedly signed by business executives. Guven had digitally signed the letters herself without their knowledge or consent, according to the Justice Department.
U.S. Attorney Jamie McDonald described Guven's conduct as a deliberate scheme that misled investors about Kalder's revenue and customer base before extending those false claims to her immigration application.
Guven was named to Forbes' 2025 30 Under 30 list for Marketing & Advertising in December 2024 and featured on the category's cover.
The magazine's profile presented Kalder as a growing fintech startup that embedded cashback and rewards programs into clients' websites.
It reported that the company had 28 clients, including chocolatier Godiva and the International Air Transport Association (IATA), and had raised $11 million at a $35 million valuation. Forbes also reported $1.5 million in revenue for the year.
However, U.S. authorities later challenged claims about Kalder's business performance.
In a separate civil complaint filed on Oct. 2, 2026, the U.S. Securities and Exchange Commission (SEC) alleged that Guven and Kalder misled investors about the company's revenue, customer relationships and business prospects.
The SEC complaint highlighted a discrepancy between Kalder's reported revenue and its actual financial records. Between May 2023 and April 2024, the company reported approximately $333,337 in revenue in investor materials, while its actual records showed $87,960, according to the complaint.
The commission also alleged that the company overstated its customer relationships by including businesses that had only participated in free demonstrations or limited pilot programs.
The complaint addressed publicity surrounding Guven's Forbes recognition, alleging that Kalder promoted its anticipated appearance on the magazine's 30 Under 30 cover as evidence of its business success.
In the separate civil proceeding, Guven agreed to a proposed judgment that includes a six-year ban on serving as a corporate officer or director. The agreement remains subject to court approval, and additional financial penalties are to be determined.
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