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FTC, Federal Court Views on Fraud In Crowdfunding
In a release this summer, the Federal Trade Commission (FTC) announced it had brought and settled its first case involving crowd-funding. The defendant, Erik Chevalier, raised more than $122,000 through Kickstarter to produce The Doom That Came to Atlantic City, a Monopoly-like board game geared toward H.P. Lovecraft fans. According to the FTC's complaint, Chevalier instead used the Kickstarter proceeds to pay for personal expenses, including his move to Oregon. The FTC/Chevalier settlement order should serve as a reminder that strong legal remedies at both the state and federal level are available to defrauded contributors. Content creators considering a donation crowd-funding campaign need to understand the level of communication that backers expect and should be prepared to refund any remaining contributions if it turns out the intended benefits cannot be delivered.
Kickstarter Fail
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The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
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