Wednesday, 9 December 2015
This one has to be fraud
This company had already gone bust once in 2012. The founders assured investors that lessons had been learnt but in the short period since the Crowdcube raise was finalised in July 2014, they have managed to burn the cash and close. Of course they have managed to pay off an outstanding charge.
This is hot off the press at CH so we dont yet have the final picture but will post it as soon as.
Clearly these people should not have been allowed out with a business again and certainly not allowed to use Crowdcube or any ECf platform to rip off the public.
Unfortunately with lite touch regulation and the ECf's platforms very poor due diligence, this is will become the norm rather than the exception.
Crowdcube are shareholders and so will know about this collapse - how long before their Undertakers Dept have removed all traces, is anyone's guess. These are busy times for the box makers.
More to follow on this one.