FBI To Investigate 'Angelgate'

A Silicon Valley law firm has warned lawyers representing some of the 'Super Angel' investors accused of price-fixing by Michael Arrington, that they might be approached by the FBI.

PeHub claims close sources have told them that law firm Wilson Sonsini Goodrich & Rosati has sent out advisory notes to the attorneys, warning them that if they represented some of the investors mentioned by Tech Crunch’s Michael Arrington, then they may receive a visit from the FBI.

Many of the investors present at the meeting have refuted the claims of price fixing, dubbed as 'Anelgate', made by Arrington.

“At the dinner, there was a fair amount of kvetching about convertible notes, capped or not, hi/lo valuation, optimal structure of term sheets, where the industry was headed, who was innovating and who wasn't,” wrote Dave McClure, founder of 500Startups, on a personal blog.

McClure was one of the attendees.

Arrington has dismissed McClure’s claims that the meeting was about nothing more than an innocent discussion, stating that the report is completely accurate.