[trcollinson]

Again, the members of the YC board are public, go ahead and write to them. They'll do what they do.

But do realize there is nothing at all that would require anyone to keep this quiet and not share that you were the one who made the complaint. If all of your points are true and provable, they are illegal (in some cases only civilly) and unethical. I would not make accusations like these without first proving that they happened in a legal sense.

I imagine being a successful YC alumni is worth quite a lot. If you were to make accusations against me and it lead to an adverse effect on my alumni status, you had better believe I would not hesitate to use my rather substantial amount of funds to sue you into a small ball of carbon. You had better be ready to defend yourself.

I'm not saying you shouldn't report the issues. But I would suggest you do so through the legal means to protect yourself.

[startupethics]

I'd be willing to risk lawsuit, if there is an official channel in the incubator to report ethics violations. And a general practice by the incubator to keep such reports and investigations relatively confidential. I think this would make risk/reward ratio to be good enough for me.

I don't know, if there is value for incubators to spend resources on that mechanism (maybe wealthier in a long term, if nerds could keep their lunch money? as per http://www.paulgraham.com/wealth.html ).

If there is no such established mechanism, I don't think risk/reward of reporting ethics violations is good enough. Precisely because the most likely outcome is being sued into a small ball of carbon.

[startupethics]

As a side note, the 50% dilution was not a normal dilution during funding round. No significant new money was invested into the company on that dilution.