Suspicions Raised Over Charitable Crowdfunding In China

Suspicions are being raised in China after a family crowdfunded over $865,000 to bring their cancer-stricken daughter to the US for treatment.

The 4 year old died from her illness and now questions are being raised about how the money was spent.

The article notes that: “the trend of charitable crowdfunding that has spread on Chinese social media in recent years has caused confusion and suspicion over the use of the funds raised as there is usually no third party to oversee the process.”
http://www.scmp.com/news/china/society/article/2055202/chinese-girl-4-dies-us-hospital-after-crowdfunding-raises-six

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in balance, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, discrepancies, fraud, Funding Portals, Legislative Intent, review and tagged , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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