You Can’t Trust Crowdfunding Promises After Confession to the FTC

You Can’t Trust Crowdfunding Promises After Confession to the FTC

Immediately after filing a lawsuit  the defendant confessed that he spent monies on personal expenses even though he “raised more than $122,000 from 1,246 backers, most of whom pledged $75 or more in the hopes of getting the highly prized figurines” after he “launched a crowdfunding campaign to raise money from consumers purportedly to produce a board game.”

Hundreds of Thousands Raised On Behalf of Eric Garner – and Very Little is Reaching His Family

By | LXBN | February 23, 2015
Credit: Beverly Yuen Thompson

When the verdict came down in the Eric Garner trial, the Internet exploded in support for his family, from organizing protests around the country to starting crowdfunding campaigns for his loved ones. There’s just one problem: in the two months following the indictment, the Garner family hasn’t received any money from these campaigns at all.

Massachusetts Adopts Intrastate Crowdfunding Rules, Effective Immediately

The Massachusetts Securities Division has recently joined a number of other states in adopting a “crowdfunding” exemption from securities registration requirements for certain offerings made within the Commonwealth, with the stated purpose of enabling startups and entrepreneurs to more easily use the Internet to raise capital.