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★ Forbes 30U30 2015🤝 Settled
MARCUS WELLER
Skully Technologies · 2016
Crowdfunding fraud / misappropriation of backer funds
Marcus and Mitchell Weller founded Skully Technologies, which raised $15M from Indiegogo backers to build an AR motorcycle helmet with rearview camera and HUD. A 2016 Business Insider investigation revealed the brothers spent backer funds on personal expenses including Las Vegas trips, a BMW, and personal rent. The company shut down in August 2016 without shipping. Backers lost all funds. Marcus Weller reached a regulatory settlement with the California Department of Business Oversight.
Raised
$15M
Outcome
💸 Fined
Victims
2,500
Investors
Indiegogo backersIntel Capital