Rishi Shah

Rishi Shah (born 1986) is an American businessman convicted of fraud and a former chairman and CEO of Outcome Health, which he co-founded.

Early life Rishi Shah was born in 1986 in Oak Brook, Illinois, the son of Sonal Shah and her husband Dr Upendra Shah, an endocrinologist. ContextMedia grew revenues 2,965% from 2010 to 2015 to $63.5 million with Shah as CEO, ranking it as the 6th fastest-growing private company in Chicago in 2016. In 2017, ContextMedia rebranded itself as Outcome Health.

In May 2017, Outcome Health raised over $500 million from investors led by Goldman Sachs, CapitalG, and Pritzker Group at a $5.6 billion valuation. This followed a Wall Street Journal investigation published in October 2017 alleging that Outcome Health misled advertisers with manipulated information. In January 2018, Outcome Health announced that the lawsuit has been settled, with the founders reinvesting $159 million of their $225 million investment dividends back into the company. Shah resigned as chairman and CEO as part of the settlement.

Fraud and allegations In November 2019, Shah and coworkers were charged for their alleged roles in a fraud scheme that targeted the company’s clients, lenders and investors, and involved approximately $1 billion in fraudulently obtained funds. On April 11, 2023, Shah and two other Outcome Health executives were convicted and found guilty of multiple counts of committing fraud. Shah was found guilty of five counts of mail fraud, 10 counts of wire fraud, two counts of bank fraud, and two counts of money laundering.

On June 25, 2024, Shah was sentenced to 7.5 years in prison for his role in a $1 billion fraud scheme. Alongside Shah, Outcome Health co-founder Shradha Agarwal and former COO Brad Purdy were also found guilty, with their sentencing scheduled for later in the same week.