Trouble in Crowdfunding Parad-Ice

Nothing like a messy divorce in the world of amateur ice skating to create crowdfunding havoc.

When the duo of Min Yu-ra and Alexander Gamelin began their quest for Olympic gold, Gamelin’s parents set up a charity crowdfunding campaign to pay for their training expenses.

They raised over $100,000.

The Gamelins said that the funds were split between the families.

But now, the couple has split and won’t be competing in the 2022 Games. Yu-ra’s coach says that the money wasn’t split and her father says that their family was against the crowdfunding from the outset as not being within Korean custom (notwithstanding the $1,000 donation by the Korean President).

And to top it off, the platform’s terms of service say that if the proceeds are not used for the original intent, they must be returned to the donors.

http://koreabizwire.com/min-yu-ra-claims-she-did-not-benefit-from-crowdfunding-donations/121714maxresdefault

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, Charity, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Funding Portals, Investments, Jobs, Legislative Intent, review, technology and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

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