Peachy Printer Funds Embezzled To Build New Home Instead of $100 3D Printer (hackaday.com)

Reader szczys writes (edited): Peachy Printer made it big on Kickstarter, raising over half a million dollars on the promise to build the first 3D printer and scanner costing $100. The company has now collapsed due to embezzlement (Editor's note: BBC's coverage is better) of those funds. The original investor stole around $350,000 of backer's money and funneled it into a new home. This was discovered about 18 months ago but became public only now as the company is unable to meet their already delayed delivery dates. Peachy Printer has posted a video admitting the screw-up. Sounds familiar?

Comments

This statement...

[rickb928]

"He worked in Northern Alberta as a heavy duty mechanic"

When I read this, I nearly stopped reading further, but curiosity conquered me.

Sorry, but the qualifications floor me.

"David hired an Accounting and Financial Consulting firm to assist in the management of Peachy Printer's finances."

Yup, surely THEY did a great job. Recourse here? I'm betting they did nothing but dip their beaks.

"Due to the fact that the Kickstarter campaign was over before Peachy Printer existed as a corporation, we did not have a corporate bank account set up to receive the funds. As a result, David’s personal account was set up to receive the funds."

Oh, here is where it went bad. I would have left it at Kickstarter until the corporate account was ready.

From here on, it's faith in others, failed human beings, and predictable outcomes.