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Stories of Interest
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
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NEWSLETTERS & ALERTS
Take the Money and Run – Plastc Swipes $9Mn
Plastc was touted as the smart payment card for thin wallets – one that could store all your credit card details on a single card. And demand was high. Since 2014, the company had raised about $9 million from 80,000 pre-orders.
Yet, no cards were ever shipped and this year two new investors backed out at the last minute. One investor was willing to invest $3.75 million, while the other was to invest $6.75 million. The company said it needed the new funds to start its card production, though it’s unclear why the initial $9 million in funds wasn’t sufficient for the company to ship out even a first wave of cards.
Bottom Line: With no money on hand, the company laid off all its employees and officially shut down yesterday. Another pipe dream gone awry.