The Federal Trade Commission is suing a man for allegedly running off with more than $800,000 he raised on crowdfunding platforms under the premise of creating a smart backpack and other products. The Verge first broke the news of the iBackpack investigation in August, but today marks the agency’s first acknowledgment of its work.
The lawsuit claims that the creator, Doug Monahan, didn’t use his raised Indiegogo or Kickstarter funds to develop or deliver the backpack, but instead, he put the cash toward “various personal expenses,” including the purchase of bitcoin, ATM withdrawals, and to pay off credit cards. The agency also claims that backers reached out to Monahan, but he ignored their complaints, shut down the company, and ceased...
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