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FTC sues 'iBackPack' founder for deceiving crowdfunding backers
After a months-long investigation into the practices of the crowdfunding campaign for iBackPack, the Federal Trade Commission announced today that it will sue the company's founder for misusing funds provided by backers. According to the agency, project creator Doug Monahan used much of the more than $800,000 raised via Indiegogo and Kickstarter for personal use, including the purchasing bitcoin, making withdrawals from ATMs and paying off credit cards.
FTC investigates $700,000 crowdfunding campaign for fraud
The FTC hasn't publicly investigated crowdfunding fraud outside of one case, but that doesn't mean it's inactive. The Verge has learned that the Commission is investigating Doug Monahan's crowdfunding campaigns for the iBackPack, a smart backpack that included a mobile hotspot, battery pack and connectors. Monahan raised over $700,000 between Indiegogo and Kickstarter in 2015 and 2016, but hasn't shipped the backpack in question. Supporters only ever received pre-release accessories, and the Kickstarter campaign's last news update was in March 2017.
