Robin Raina always had the magic touch, or so it seemed until Wednesday, when the disclosure of a U.S. criminal probe of his software company’s accounting practices blew up a proposed $820 million deal with Goldman Sachs Group Inc. to take the firm private.

Prior to that disclosure by Ebix Inc., which sent its stock down 44 percent, Raina looked like he could do no wrong. He saved a dying company at age 32, re-booted it as an e-commerce site for the insurance industry, and propelled it through a decade of rapid growth. He established the firm as a fixture on the annual lists of fastest-growing tech stocks tracked by Fortune magazine and Forbes.

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