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Christopher Melville, of Lowell, allegedly sold unregistered securities through a crowd-funding social media-facilitated general solicitation for his company, Tabletop Arena LLC, at 99 Market St.,...
By constructing smart algorithms that digests complicated transactional information and pulls in alerts from both existing members and the web, BillGuard believes it can build a crowd-sourced...
Surely companies that seek to raise funds from outsiders should be required to provide basic disclosures about their operations and financial condition. Background checks always should be required...
The new law also opens the door to online crowd-funding sites where startups can strut their stuff and jockey for small investors' attention. Dozens of entrepreneurs, like Sara Hanks, see a...
Unrealistic expectations may be a bigger issue for people who invest through crowdfunding than fraud, said Steven Dresner, founder of DealFlow Media in Woodbury, N.Y., a research and database...
Here’s how the Massachusetts Secretary of the Commonwealth describes the cases in a release: "Secretary of the Commonwealth William F. Galvin today brought fraud charges against two...
This article is meant to show how equity and debt crowdfunding, already in existence in other parts of the world has been operating fraud free for the past 7 years. SOURCE LINK to full...
Begslist founder, Rex Camposagrado states,"We have been witnessing a greater number of responses from our Begslist users who say they are receiving numerous spam emails from con artists who...
Anyone with designs stored on Brandstack will need to pull them off by December 1st, at which point the servers will be shuttered. Domains handled through Brandstack (designers could sell domains...
More Russian mass protests against the election results are scheduled for this Saturday: up to 30,000 people are allowed to gather in Moscow's Bolotnaya Square, and 11 other cities in Russia...
An SEC advisory committee today expressed serious concern about the potential for fraud inherent in equity-based crowdfunding, reports Reuters.
“This is just an opportunity for fraud in the extreme," said Stephen Graham, Advisory Committee on Small and Emerging Companies co-chair. “You can just imagine the unsophisticated investor that is just bombarded on the Internet.”
Joe Borg, who as director of the state securities commission has gained a national reputation for bringing down investment scam artists, days ago issued an advisory, urging Alabama investors to...
In the Crowded Room, episode 4, we stare in the face of crowdfunding evil! All the warnings about scams and fraud were true - sort of... Also, it’s Citizen Science Month and the crowd is invited to participate, but if that’s not your thing we’ve also got a crowdfunding project for the more anti-social set -- and it’s also the most awesome pillow I’ve seen since a six-foot stuffed salmon.
New Single Sign-on Solution Addresses Key Challenges Facing Crowdfunding Portal Owners, Entrepreneurs, Backers and Investors
Experts are concerned that crowdfunding as a means of selling securities allows for more abuse and increases the potential for fraud. For example, in August of this year, the Massachusetts...
The SEC seems to be looking in the wrong places trying to protect investors. Why equity crowdfunding pales in comparison to Penny stock scams. SOURCE LINK to the full article:...
Recovery.gov is the U.S. government's official website that provides easy access to data related to Recovery Act spending and allows for the reporting of potential fraud, waste, and abuse....
The opponents want you to focus on something that will grab the media’s attention (fraud). This also distracts the debate while trying to prevent regular Americans from supporting entrepreneurs...
Every change in a system encounters resistance, especially those changes which make the most sense. In our new information economy, where value is derived from the richness of our networks and the novel ways in which we find to organize information and connections, a matching capital formation mechanism makes sense. So it is no surprise that crowdfunding, an organic response to service capital needs within our new economy, is growing exponentially. And it's quite anticipated that it should meet resistance.
The resistance to crowdfunding comes in the form of the "fraud bogeyman." Apparently, this phantom stalks only unregistered investments, waiting to emerge from the shadows and steal all of our money. Of course, fear is a potent tool (for better or for worse), and wherever it's sold, one can usually quickly find a lack of real arguments. For example, inherent in a fraudster's ability to steal all of our money via crowdfunding, is someone who invests all of his or her money in one business. And yet, I cannot find a single person who thinks that doing so is a good idea. (If you find such a mythical person, please have them write a blog post about it, and forward me a link!)
The fraud bogeyman has been appearing in a number of places recently, including big media sites and small blogs alike. The number of concurrent mentions of the words 'portfolio' or 'diversification' in the same articles ... ZERO. As usual, fear, uncertainty and doubt are delivered in a vacuum, without any relativity or context. How does anyone lose all of their money on fraud when they're diversified? That's an inconvenient question, of course.
For a few weeks earlier this year, crowdfunding and the JOBS Act was a top story in the national news media that all the pundits were discussing, debating or screaming about, depending on which personality you flavor your morning coffee with. Typically, the argument centered around the possibility for increased fraud that would follow when unaccredited investors are allowed invest in startups over the Internet. The common response from the crowdfunding community had something to do with the lack of fraud on existing crowdfunding platforms in Europe and donation-based sites like Kickstarter. The community on these platforms does and will continue to act as a self-policing force, the argument goes.
This week there's evidence that both sides could be right.
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