Here's a sordid tale for Friday: a Silicon Valley VC was convicted yesterday of ripping clients off to the tune of $20 million. Moses Joseph, who worked at the Palo Alto VC firm the Anila Fund, swindled more than 13 clients over the course of six years. Those clients included US Bank, Wells Fargo, Eastman Kodak, Bank One, and Silicon Valley Bank. We think Valleywag sums the story up well:

"Yesterday a two month trial ended with a jury deciding to convict Joseph on 22 counts, proving the best way for VCs to swindle cash from investors - even when big exits remain are as rare as they are these days - are their exorbitant fees."