Six Million Dollars, Seventeen Kilograms, April discussed on Startup Snapshot

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Been affected please file your report with the police immediately. This fellow is getty. Go hashtag getty go be aware and be discerning of this what he got shadowed social that that was like the week or is this right. And what we thinking when you when you first saw the social media posts as pretty timing just bought to without break but i think quite significant in that he is right about these allegations on arriva. You know hiding behind these. Oh sherrie on his personal account breaking south right. So it's still that way so i'll be right right so someone's speaking of from public platform using personnel social media constant unusual. Yes it's unusual like most people they go through that they usually don't talk about. The bath thinks that happened at the previous company. And even if they do they will. Face is the deceit as beaks software. Who's who's seeks bad about visit poise. By this case. It was a bit different in that while the company was shopping down and the guy was high up at the company that he was at was just below the senior before we go on with the rest of the story. it's important to look into co assets. Background founded in two thousand thirteen co assets is a crowd investing site which allows us to invest in real estate projects that are listed on the platform investors. Money would then go through a third party account or escrow which would send co assets a cut of the transactions though. The company founded a little difficult to raise. Vc money in the early days of its founding likely because of the risks associated with peer to peer lending businesses getty go managed to list co assets on the australian stock exchange in two thousand sixteen raising the company. Eight point six one million dollars the following year it grew its revenue eightfold to four point. Two seven million dollars and made a profit of one point three two million dollars. One peculiar thing about the business that caught turns. Attention was the fact that the company's leadership ceo getty go and chief operating officer lawrence limb were ex military personnel. The that it's like a bunch of expletive is so the ceo was author ideology. Lawrence's actually is fox back with the avi so it's interesting that in right and i guess that's kind of unique in the sense that it's It's it's run by ex military personnel right. Yeah you'll see that law but things started to go downhill in two thousand seventeen and then gradually evolved thought that a lengthy off the ballot sheets. So that means is that they would basically find grace to loan the promissory so basically demanding money directly for investors investing that money into While projects the he sees fit up at the best as it would that interested principal. What's the jeff limb took issue with this approach because it led to situations in which investment risks weren't fully disclosed to lenders. They all coming disclosing the risks to vestis best. This basically will. I'm way of the new prophecy. About how for example this that east knows by that rocchi which means that. If the money's gone it quickly cool some of up to the the collateral. What many investors didn't know was that the bulk of their money was largely going into one company. This is suppose This this i mean the fact that so much money we lost just true. one company. That question is i think that is very unusual. Because ill the tackle proper you have guys like reading societies. Few on i mean. Everyone's struggling the whole bit he. Authored diplomatic space has been hit hard by those companies so standing so the this was a case of. There is some bitch with incomes of laughs. How the abachi. The lost c. Devolve rates these be that high. On top of that limb alleges that co assets continued raising funds without informing investors that the firms it lent money to had trouble paying back on their loans. Limb claims that he attempted to voice out about co s actions while he was coo but his efforts were in vain. Limb was stripped authority with his staff getting delegated away from him eventually in two thousand nineteen. He left the firm when he was so the coo objections with get e that author that he spoke about people who has since after that he can't even went through the ashes of the digital sets so by his talent. I think he is trying to what company you like. One because stink looking good while assets with limb no longer at the company thinks took a turn for the worse brighton based investment firm. That co assets owns a significant stake in became insolvent threatening to sink the business because brandon was to destination for most of co assets promissory. Note money with the added economic slowdown caused by the covid. Nineteen pandemic co assets eventually halted the trading of its shares on the australian stock exchange and later announced that it was being inspected by the monetary authority of singapore. Then in april two thousand twenty. The company had applied to delist from the stock exchange in an attempt to prop things up co assets issued notes in early twenty twenty backed by seventeen kilograms worth of gemstones. Initially they were valued at six million dollars though. Limb says they were a value at double that amount later however the gemstones were found to be worth a measly fifteen thousand dollars. What stood out was was this. A gemstone east maroshek coalescence was possession. Often there was an actual bombs right where questions though- those gems and supposedly worth a lot. My in what they will. I that you might not old management bible. What happened was that went. With the new management. To the top of the end we value e jeter still your fault shift of value. 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