Financial Services Authority Update
The Financial Services Authority (FSA) have been investigating CrowdCube and the equity raise carried out by Oliver Gleave for Monii Limited for nearly two years. The complaint covers a couple of different areas namely: 1. Oliver Gleave broke CrowdCube's own rules for an equity raise. 2. CrowdCube did not take adequate steps to verify the financial claims made by Oliver. One of the reasons that the investigation has gone on for so long, has been the lack of cooperation from CrowdCube. The FSA are still not satisfied with the response from CrowdCube and are waiting for further information which may or may not be forthcoming. It must be hard to justify a near million-pound valuation for a business that did not have a finished product or a single paying customer.