D.C. Files Lawsuit Vs. Crowdfunder

The Washington, District of Columbia Attorney General is suing Sivil, Inc. and its sole stockholder, a crowdfunder who raised over $280,000 from 3,625 donors on Kickstarter in 2015 promising to create and deliver high performance athletic shirts.

No delivery or refunds have been made to date.

The lawsuit claims that owner, Willard Simon, spent at least $112,000 of the money raised on restaurants, clothes, gyms, tanning salons, hairstylists, plane and event tickets (you get the picture) and transfers to his personal bank account.

D.C. is seeking an injunction, civil penalties and restitution to the cheated donors from Mr. Simon personally because he participated in the unlawful conduct.

A copy of the lawsuit is here: https://oag.dc.gov/sites/default/files/dc/sites/oag/release_content/attachments/17.12.19%20Final%20Complaint%20Package.pdf

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 accredited investor, balance, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, discrepancies, fraud, Investments, Jobs, Legislative Intent, review, SEC, Small Business, technology and tagged , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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