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Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
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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.