Another Dot Com Crook

from the seems-like-there-are-an-awful-lot-of-them dept

It seems that a lot of crooks are using dot coms as fronts these days. The latest is the story of a guy in San Jose who raised $3.7 million for his startup to stream video over the internet. Most of the investors were people he met at church. It turns out the company had no technology and just faked all the demonstrations using a regular TV transmitter hidden in the ceiling. The founder then used the money to buy a new $1.8 million house, pay up on child support, and buy a new car. The SEC is not happy with this guy.

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