Canopy Execs Depart Following Fraud Accusations

Two executives of Canopy Financial have left the company in the wake of accusations of financial fraud, a Canopy spokesman confirmed today.

President and chief operating officer Jeremy Blackburn has resigned, and chief technology officer Tony Banas has been placed on administrative leave. So far, peHUB has been unable to reach either one of them for comment.

CEO Vikram Kashyap released a statement yesterday through his attorney, saying that he had “no prior knowledge whatsoever of any fraud regarding Canopy’s financial statements” and that he “relied on financial and legal professionals in accepting the authenticity of the company’s financials.” Although Kashyap has stepped down as CEO of Canopy, he said he will remain as chairman to help hold any fraudsters accountable.

The spokesman also said that Canopy has informed its customers and investors of the fraud allegations and continues to service customers. Although most of the company’s 120 employees were let go last week, around 20 have been retained to keep the business running.

“Many people will not have the Thanksgiving they deserve,” the spokesman said.

Canopy has raised over $88 million in venture capital and provides software to administer Health Savings Accounts, Flexible Spending Accounts and Health Reimbursement Arrangements for individual and corporate healthcare plans.

Sources say Canopy may have falsified financial statements, tax returns and customer records. We’ll keep updating the story as we get more information.

See: Fraud Beneath The Canopy


  • Did you also observe that Vikram/Jeremy/Tony had their own venture capital firm running on the side – see

  • For their Spear Ventures bios (site now removed – this is a Google cache) see:

  • Domain record for from

    Whois Server:
    Referral URL:
    Nameserver: NS3.MYDYNDNS.ORG
    Nameserver: NS4.MYDYNDNS.ORG
    Status: ok
    Updated Date: 13-may-2009
    Creation Date: 12-may-2007
    Expiration Date: 12-may-2010

    Web Site Info for
    Response Code: 404 Not Found

    Title: Not Found

    Contact Info
    Vikram Kashyap
    1560 3rd Street, Apt 1407
    San Francisco, CA 94158

    Domain name: SPEARVENTURES.COM

    Administrative Contact:
    Kashyap, Vikram
    1560 3rd Street, Apt 1407
    San Francisco, CA 94158
    Technical Contact:
    Kashyap, Vikram
    1560 3rd Street, Apt 1407
    San Francisco, CA 94158

    Registration Service Provider:
    This company may be contacted for domain login/passwords,
    DNS/Nameserver changes, and general domain support questions.

    Registrar of Record:
    Record last updated on 06-Nov-2009.
    Record expires on 12-May-2010.
    Record created on 12-May-2007.

    Domain servers in listed order:

    Domain status: ok

    The data in this whois database is provided to you for information purposes only,
    that is, to assist you in obtaining information about or related to a domain
    name registration record. We make this information available “as is”, and do
    not guarantee its accuracy. By submitting a whois query, you agree that you
    will use this data only for lawful purposes and that, under no circumstances
    will you use this data to:

    (1) enable high volume, automated, electronic processes that stress or load
    this whois database system providing you this information; or (2) allow, enable,
    or otherwise support the transmission of mass unsolicited, commercial
    advertising or solicitations via direct mail, electronic mail, or by telephone.
    The compilation, repackaging, dissemination or other use of this data is
    expressly prohibited without prior written consent from us. The Registrar of
    record is We reserve the right to modify these terms at any time. By
    submitting this query, you agree to abide by these terms.

Leave a Reply

PEHUB Community

Join the 12505 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget