Washington files first consumer protection lawsuit involving crowdfunding

kickstarter-campainTaylor Soper | geekwire | 5/1/2014 – If you raise money via Kickstarter and don’t deliver products you promised backers, the government will come after you.
In what is the first consumer protection lawsuit involving crowdfunding, Washington State Attorney General Bob Ferguson today filed a suit against Ed Nash and his Nashville, Tenn.-based company, Altius Management.
Back in October 2012, Nash raised $25,146 from 810 backers — including at least 31 from Washington — for a playing card game called Asylum designed by a Serbian artist and managed by Nash. The campaign exceeded its funding goal of $15,000, meaning Nash was legally responsible for sending every backer the products they paid for.
But as the estimated delivery date of December 2012 passed, customers never received their Asylum product. In the months following, angry backers voiced their frustration on the ongoing Kickstarter page comment thread.
“Almost a year and no updates,” one backer wrote. “Ed Nash is in hiding.”
“This IS pathetic,” another said. “Kickstarter dont care at all same as Ed he dont care he has his money.”
According to the lawsuit, both Nash and Altius have not communicated with the backers since July 2013. The Attorney General’s office is seeking restitution for consumers, as much as $2,000 per violation of the Consumer Protection Act in civil penalties, and money to cover the state’s costs and attorneys’ fees.
read more: http://www.geekwire.com/2014/attorney-general-asylum-playing-cards-crowdfunded-project/

HEADLINE NEWS

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news [...]

NPRAfter Outcry, Crowdfunding Site Patreon Backs Off Plan To Raise ...NPRThe popular crowdfunding service Patreon has backed off plans to change its payment structure, after widespread, vocal and passionate opposition from creators and their fans. Last week, the site announced it woul [...]

ForbesCrowdfunding Do's And Dont's From iFundWomen's Karen CahnForbesDuring our conversation, she was transparent in sharing that her first software company, VProud, failed because she “did everything backwards” and spent too much time trying to perfect the product. “Pe [...]

TechCrunchHow hate speech crowdfunding outfit Hatreon crept back online ...TechCrunchIf you want to make a living creating white supremacist content, you're probably not going to do it via sites like Kickstarter and Patreon, which prohibit hate speech. Fortunately there's Ha [...]

EntrepreneurWhy Some Small Business Owners Are Turning to Crowdfunding to Save Their CompanyEntrepreneurMany owners of beloved local businesses, especially in pricier cities, have been forced to swallow their pride and appeal to their customers in times of crisis -- a process streamli [...]

Times of IndiaPT Usha takes to crowdfunding to run schoolTimes of IndiaCHENNAI: Legendary athlete PT Usha, called 'Payyoli Express' by her fans, has taken to crowdfunding and raised Rs 20 lakh to train budding girl sprinters and runners at her school in the hope of turning t [...]

Crowdfund InsiderNew Investment Crowdfunding Platform Launches in North Carolina as Full Stack Platform Including Intrastate NC ...Crowdfund InsiderUnder NC PACES, or “North Carolina Providing Access to Capital for Entrepreneurs and Small business Act,” crowdfunding legislation, issue [...]

ChronicleLiveNo need for banks as North East businesses turn to crowdfundingChronicleLiveCrowdfunding has developed a reputation for helping weird and wonderful projects become a reality. But while creative projects have utilised crowdfunding for some time, more and more North East bu [...]

Crowdfunding For French CastlesNPRYou too can own a French chateau, in part, anyway. Romain Delaume, CEO of Dartagnans, tells NPR's Scott Simon about a crowdfunding effort underway to preserve La Mothe-Chandeniers. SCOTT SIMON, HOST: What if I told you that for about $60, you cou [...]

TechCrunchFormer Gawker employees are crowdfunding an effort to buy Gawker.comTechCrunchWhile Univision acquired most of Gawker Media's sites last year (and renamed them as the Gizmodo Media Group), the deal didn't include Gawker itself. In fact, BuzzFeed reported last month [...]

CFB Finance

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |