by Mike Masnick

Infinium Sued For Fraud By Former Investment Banker

from the the-case-gets-weirder-and-weirder dept

The story of Infinium just gets stranger and stranger. After months of "are they for real/are they a scam?" questions, it looked like the company was finally set to simply go out of business without ever releasing any product whatsoever. Now, an investment bank that they hired is claiming that the company scammed them. The bank was hired to help Infinium raise money, and they claim that $30 million was raised -- though, Infinium disputes that amount. The bank, SBI-USA, was to get a percentage of the financing, but has received nothing. Infinium has responded by saying that SBI is completely wrong about the nature of their relationship. That's why the lawyers suggest people write contracts, of course, so it'll be interesting to see what gets produced in court. However, given the accusations by many, that Infinium was really set up as a scam to steal money from investors, this makes for an interesting additional accusation to add to the pile. It's still impossible to tell what's really happened in this situation, but it doesn't look good for Infinium or their still missing (but, perhaps, accurately named) Phantom gaming device.

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  • identicon
    aNonMooseCowherd, 2 Dec 2004 @ 7:47pm

    the movie version

    Someone should make a movie based on the idea of scamming investors. Oh wait, someone already did: The Producers.

    reply to this | link to this | view in chronology ]

  • identicon
    A guy from his past, 4 Dec 2004 @ 9:04am


    I wouldn't trust Roberts as far as the vapour
    hardware can be thrown.

    During his brief stint at a Toronto Canada company
    he once ordered millions in gear just to get the
    kick back. The company had absolutely no use for
    it and it took months to get them to take it back.

    Infinium is going to end in a big whimper and
    anyone dumb enough to have invested in him without
    doing research is getting a HUGE "I told you so".

    reply to this | link to this | view in chronology ]

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