Updated: Bankrupt New Zealand Businessman is Equity Crowdfunding on Fundable [Now Removed]

Question MarkAccording to a report in Stuff.co.nz, a bankrupt New Zealand businessman is raising capital on equity crowdfunding platform Fundable even though he has allegedly left earlier investors empty handed. Crowdfund Insider published an article regarding the investment opportunity on Fundable this past November.  Time3 Global, described as a “virtual internet operating system” has posted an investment opportunity hoping to raise $2.8 million from US investors.  Recently a reader notified us of Read’s apparent challenges in his home country.

Evan Read is depicted as Founder and Time3 Global Architect on the Fundable offer.

According to the report;

“Read was bankrupted in April 2010 and remains undischarged. In a statement, a spokesman for the Ministry of Business, Innovation and Employment said: “Mr Read does not have the consent of the Official Assignee to be self-employed or be involved in the management of a business.”

“He has not been discharged from bankruptcy as the Official Assignee has filed an objection to his discharge.”

Stuff continues asserting Read was contacted for additional information on the offer;

“Request for details of the share offer was declined by Read. In an email he said: “Considering the treatment of our group (and myself) in the past by members of your organisation I personally, and the executive team in general, are a little cautious about providing you with access to this information.”

Evan  Read Bio on FundableReed is described as being well connected in New Zealand at one time but has at various times filed for bankruptcy;

“Read was once a wunderkind who posed for photos with Prime Minister John Key. But Read was adjudicated bankrupt between 2002 and 2006 and convicted in 2006 on eight charges related to running a business while bankrupt. He was sentenced to 100 hours community work.

Now, Read is understood to be overseas, having left the country without the permission of the Official Assignee. His bankruptcy status is not disclosed on Time3’s main profile.”

One person asked about Read and his company described the operating system as non existent;

“They have been working on it since 2001 and they still don’t have a test version,” he said. “Show us where the code is. At the moment it is just vapourware [code being marketed but not yet developed].”

Things get even murkier with allegations of sexual harassment regarding the 2002 Tribunal.

Update:  Fundable has been notified of the swirling controversy and has pulled the crowdfunding campaign until they can receive clarification from the founder of the company.

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