RIP peachy?

[Compro01]

Getting some mainstream attention now!

https://www.yahoo.com/news/kickstart...102604346.html

How many years in jail do you think a person would get, when the full weight of the internet and thousands of backers scream for justice? Squeaky wheel gets the grease, and I count a lot of squeaky wheels.

This has now made the BBC and Slashdot. Will probably be appearing on the CBC shortly.

http://www.bbc.com/news/technology-36271249

https://news.slashdot.org/story/16/0...100-3d-printer

EDIT : Yup, CBC is covering it, as is Global.

http://www.cbc.ca/news/canada/saskatoon/peachy-printer-3d-saskatoon-alleged-theft-kickstarter-1.3577267

http://globalnews.ca/news/2695450/former-3d-printer-co-owner-allegedly-embezzles-crowdfunding-money-to-build-sask-house/

[Chayat]

I'm pretty sure this is going to be a civil case. No one is going to prison for this

[oninoshiko]

I'm pretty sure this is going to be a civil case. No one is going to prison for this

You're likely quite mistaken. Once the police (not to be confused with The Police (I think we all love Sting, but his powers are limited), as Rylan did) are involved, things are likely to get very uncivil (in every sense of the term).

[Chayat]

You're likely quite mistaken.

I hope so but it feels like it stopped being embezzlement when they agreed the details of repaying it like a loan. Defaulting on a loan is civil matter.


Again, I hope I'm wrong

[oninoshiko]

I hope so but it feels like it stopped being embezzlement when they agreed the details of repaying it like a loan. Defaulting on a loan is civil matter.


Again, I hope I'm wrong

Ultimately I don't care who goes to jail and not... all I care about is shooting "lasers" at "resin"

59249148.jpg

[iplayfast]

I'm wondering how close the project is to completion. If 50K would put it over the top, and get it certified and delivered. (Why does a kit need to be certified?), then a small business loan would do the trick. He's got the customers, he's got the parts, just needs kits put together and shipped. If the updates are to be believed, all the hard R & D has been done.

[Slatye]

I'm wondering how close the project is to completion. If 50K would put it over the top, and get it certified and delivered. (Why does a kit need to be certified?), then a small business loan would do the trick. He's got the customers, he's got the parts, just needs kits put together and shipped. If the updates are to be believed, all the hard R & D has been done.

I guess the problem is that a loan has to be repaid (unless you're David Boe, of course).

In this case the loan would essentially be so that Peachy could ship products that customers had already paid for - they wouldn't expect to actually make any more money. Where's the money to cover the loan going to come from? If there were 1000 other people anxiously lining up to pay $150 for a Peachy, just as soon as the existing orders were filled, then Peachy would have a pretty solid argument that they'd be able to pay back the loan shortly. As it is, however, a $50K loan would essentially be the bank handing $50K to Peachy backers with not much chance of seeing it again.

[Mjolinor]

What sort of numbers are we talking about here? How many have shipped, how many have paid for one originally, are sales still mounting up?

Lots of info about what has gone wrong but not a lot of info with numbers in. I really feel for both of these guys and with better planning it is probably something no one would have heard anything about.

[iplayfast]

I'm thinking that a loan could cover the cost of completing the project, and a second kickstarter done now that R & D is done to make a profit (and pay back the loan). Second kickstarter would have a firm reasonable ship date, and a hoped for ship date. Firm ship date would be a refund of money gained after Kickstarter (so 80% or whatever it is). The risks would be obtaining parts, everything else has already been done. The fact that the first kickstarter has finished would make it "safe" for kickstarter investors to buy in.

[Very Equipped]

I feel sorry for the people in this thread, who despite the telling expensive production and theatrics in the Big Bad News video, still don't see a scam for what it is. You've been had by the "good cop/bad cop" scam. Let that sink in. They kept up the game for years, pretending all is well, letting new backers join, so there is a lot of money lost. More than the original backers. You just know some poor sucker just backed this the day before this "news" came out.

Ryan Shitston is claiming the problem is that he has all the parts but doesn't have the money to ship them. Wrong! Every purchase charged shipping on top. So if they were blowing through the shipping money, what did they plan to use to ship with then? Scam from start to finish.