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Anybody else up for getting the FTC involved in this?

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agartrop
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Anybody else up for getting the FTC involved in this?

Post by agartrop » Tue May 14, 2019 9:36 am

Is anybody else up for calling in the Federal Trade Commission to investigate the Megatokyo VN?

*link to Engadget article*

For $300,000 I'm pretty sure that the FTC will be interested...

mod note: edited to remove Engadget link due to people complaining of security issues. If you have a problem with this, please PM paarfi or another mod.

Invisigoth
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Re: Anybody else up for getting the FTC involved in this?

Post by Invisigoth » Tue May 14, 2019 1:43 pm

Your link made my malware and other security apps very upset

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LogicalLube
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Re: Anybody else up for getting the FTC involved in this?

Post by LogicalLube » Tue May 14, 2019 1:55 pm

Image

Rapierman
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Re: Anybody else up for getting the FTC involved in this?

Post by Rapierman » Tue May 14, 2019 9:01 pm

agartrop wrote:
Tue May 14, 2019 9:36 am
Is anybody else up for calling in the Federal Trade Commission to investigate the Megatokyo VN?
No, but I'm pretty sure that the FBI's Cybercrimes Division would like to hear about how you attempted social engineering by trying to lure people into downloading malware with that link.

I don't know you from Adam, so that makes me very suspicious. :ninja:
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Victrix
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Re: Anybody else up for getting the FTC involved in this?

Post by Victrix » Wed May 15, 2019 10:50 am

Posting the content of the article for interested parties who would like to avoid said security issues with the initial link:

FTC sues 'iBackPack' founder for deceiving crowdfunding backers
The agency believes much of the $800,000 raised was spent on "personal use."

After a months-long investigation into the practices of the crowdfunding campaign for iBackPack, the Federal Trade Commission announced today that it will sue the company's founder for misusing funds provided by backers. According to the agency, project creator Doug Monahan used much of the more than $800,000 raised via Indiegogo and Kickstarter for personal use, including the purchasing bitcoin, making withdrawals from ATMs and paying off credit cards.

The FTC first began investigating iBackPack following a spate of complaints from consumers who supported the project on crowdfunding platforms. Despite a significant amount of funding that exceeded goals set by Monahan, the project missed its promised delivery date, initially set for September 2016. While Monahan assured backers the product was still in the works and an issue with the battery caused the setback, updates on the project ceased in the spring of 2017. Shortly after, the company's website, email address and social media presence were shut down.

When complaints about the delays started piling up, Monahan allegedly started to threaten supporters. According to the FTC's complaint, he told one customer that he knew where they lived and had their personal information. In another case, he threated to sue a person and their employer for libel and slander.

While a small number of iBackPack funders received refunds, most have yet to see their pledges returned. The FTC is seeking refunds for those who backed the iBackPack crowdfunding campaigns and is looking for a "permanent injunction" that would prevent Monahan from ever using crowdfunding again.

"If you raise money by crowdfunding, you don't have to guarantee that your idea will work," Andrew Smith, Director of the FTC's Bureau of Consumer Protection, said in a statement. "But you do have to use the money to work on your idea—or expect to hear from the FTC."

Concerned_user
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Re: Anybody else up for getting the FTC involved in this?

Post by Concerned_user » Wed May 15, 2019 5:28 pm

comments on kickstarter up to 862 now from people wanting answers but mostly their money back or reward for pledge. Her is just the latest comment:
"Florian Esser
about 8 hours ago
Nothing is gonna happen. On January 5th I was told by Fred that he would be happy to refund my pledge, after I send him my Paypal address. He never sent the money or responded again.
You can defend him as much as you want. Maybe you know Fred better. But the fact stands that he took the money, didn't deliver and lied to me."

If this wasn't bad enough, the store continues to take orders that by the sounds of it from other comments and threads don't get filled for years if ever.
On top of it hes now reached his goal of over 2k a month which is supposed to give 4 meager comic pages a month. Anyone want to bet that will rarely happen?
The right thing to do would be to shut the store down until all orders are caught up, refund backers of the failed VN project or provide a statement detailing the expenses clearly and showing the work completed in these many years as evidence of where money went, and why the project is dead.

cool2burn
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Re: Anybody else up for getting the FTC involved in this?

Post by cool2burn » Mon May 20, 2019 6:22 am

Quite honestly I think he must have spent a good portion of that money on living expenses at which time it became taxable income. Even more than the FTC you should report him to the IRS. So they can make sure he paid his taxes on that now income.


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paarfi
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Re: Anybody else up for getting the FTC involved in this?

Post by paarfi » Mon May 20, 2019 6:53 am

Fred has stated previously that a lot of the kickstarter money went to fees and taxes. I understand people are upset at how the VN project has gone, but this is silly.
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cool2burn
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Re: Anybody else up for getting the FTC involved in this?

Post by cool2burn » Mon May 20, 2019 9:18 am

Did not realizing squandering 300k of investor money is silly....

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paarfi
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Re: Anybody else up for getting the FTC involved in this?

Post by paarfi » Mon May 20, 2019 9:32 am

The failure of the VN project is not silly. It is infinitely depressing and weighs heavily on Fred and everyone else who was involved, including backers. We all dearly wish it had turned out otherwise. But to accuse Fred of not paying taxes (or any other crime) because you're unhappy about how the project has gone is silly and uncalled for.

You and every other backer has every right to be unhappy about how this project has gone. No one is happy about it, nor should they be. But false accusations of criminal activity is going to far. Please stop.
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cool2burn
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Re: Anybody else up for getting the FTC involved in this?

Post by cool2burn » Mon May 20, 2019 9:59 am

I would be worried for my friend too tax evasions a pretty serious crime.

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