This paper examines entrepreneurial fraud, which is increasingly prevalent. The researchers analyzed court data involving Silicon Valley entrepreneurs prosecuted for fraud between 2000 and 2023. Their findings indicate that entrepreneurs engage in a process called façading to commit criminal deception. Façading involves creating, maintaining, and defending false outward projections of high growth. These projections mask the venture's actual underperformance from interested parties. Three distinct types of façading were identified: surface, reinforced, and deep façading. The form of façading used depends on how severely a venture's actual performance falls short of audience expectations. The study proposes a theoretical framework that illustrates how entrepreneurs bridge growing expectation-reality gaps with increasingly complex deceptive tactics. The paper suggests practical solutions to combat this fraud, such as enhancing SEC oversight and whistleblower programs. Additionally, reforms in investor due diligence and entrepreneurship education are recommended to distinguish criminal deception.