Vulpine raised £1m on Crowdcube in late 2015 and has now closed. It never delivered on its promises and figures we have now seen help to show why. Its not illegal but it is certainly immoral.
It turns out that the director of Vulpine was helping himself to a salary of over £90k pa at the same time as running a start up business, using shareholders money, rapidly into the ground.
We dont very often get to see these figures - people like this dont want this sort of thing out in the open. Vulpine tried to raise even more cash on Crowdcube this year, but luckily for all involved, failed miserably. Crowdcube were clearly totally oblivious to these goings on or they wouldnt have allowed the pitch to get off the ground. Or more likely didnt give a damn.
In the last 4 months (Dec 16 to March 17) before the director pulled the plug and there is only one director listed at CH, he paid himself £37k. This with the certain knowledge that the cash had run out. Just to clear up one fact that has appeared in the comments on other Vulpine posts here, this sole Director and Founder took back full control of the company in June 2016 - reportedly to turn it around. So yes it is he who is helping himself with both hands.
It illustrates yet again why we need ECF platforms to be run by professionals who have some skin in the game and why we need a more open and certainly more honest approach to assessing businesses using this form of financing. Before it is all too late.