Saturday, 4 June 2016
The Mysterious Case of 88 Delicious by ACDc
We wrote quite a few articles about 88 Delicious, their Crowdcube raise, subsequent Crowdcube rub out and eventual collapse.
We removed them all when we were contacted by Alan Colton, the man who ran the company. He had a story to tell which seemed to be worth listening to about Crowdcube having his company closed down.
A few days ago Alan Colton pleaded guilty to two counts of Fraud at Basildon Magistrates Court - sentencing pending.
So we now know for sure that what he was offering through Crowdcube and what was in fact funded by them but then taken down, was fraudulent. We think that says a lot about Crowdcube's claims to carry out any due diligence.
What is still unexplained is how Mr Colton managed, after Crowdcube had deleted him, to contact all the investors privately. Many of them invested. They all lost all their money.
Its interesting that Crowdcube have managed so far to keep this quiet. Wonder why?
It's a slightly sordid, rather sorry tale and we are pretty sure that Sherlock would have moved heaven and earth to avoid having anything to do with either the Coltons or indeed Crowdcube.