Post a new topic
    14 Replies Latest reply on Aug 25, 2010 8:36 PM by toyasha

    Internet Venture Capital Scam or Not

    stingrayriley Newbie

      There are many venture capital sites on the web claiming to put businesses in touch with investors and or brokers. from sites like Gobignetwork, Go4funding to Raise Capital and one called Find that Money. Well most may be legitimate some are there to just take your money for a subscription that does not give real leads.

      Case In point one site in general I am going to pick on called Find That Money I recieve emails all the time from this site claiming that an investor wishes to invest money in my venture upon reading a recent email from a potentially investor I contacted his firm. (below is the actual email that was sent back to me )

       

       


      Dear Mr. Riley,

       


      Your email regarding the Findthatmoney.com website was forwarded to me. Unfortunately, Findthatmoney.com appears to be sending out fraudulent emails. Mr. Tennenbaum did not write the email that you forwarded and our firm is not interested in investing in your company.

       


      Thank you for bringing this fraud to our attention. I wish you well in your business.

       


      Liz Greenwood

       

       

      So now you ask who is sending out the bogus emails and why are they committing acts of fraud by signing peoples names to emails they never wrote and sent and what does the law have to say about internet fraud.
      good question. I was not shocked that it was bogus cause there are so many internet scams on the web but believe that these people need to be brought to justice for misrepresentation and internet scams so others do not fall into and maybe lose their money.

      If you have had a similar experience please share your story.

       

      Happy searching

       

      Tim Riley

       

       


        • Re: Internet Venture Capital Scam or Not
          GrowthCurve Adventurer
          I intend to do some homework on this capital-matching Web site and expose any irregularities that I might find.

          Regrettably, though, it appears that you're not alone in your frustration with this company.

          If you Google "findthatmoney scam" you will find a number of references to the questionable business practices of the Web site you mentioned.

          Hopefully you did not waste too much money with them.

          • Paul
            • Re: Internet Venture Capital Scam or Not
              stingrayriley Newbie
              No Paul I did not thank god their business practices are questionable , I would not mind filing a lawsuit against this corp and on behalf of anyone who had signed up as a memeber of this site cause indeed it shows by your statement a crime has been committed. Called Identity Theft & Fraud which if I am not mistaken is a jailable offense.

              I was trying to bring this out to other small business's seeking capital. As they say beware of wolfs in sheeps clothing.

               

              Tim
                • Re: Internet Venture Capital Scam or Not
                  basas1 Newbie
                  I just joined this network to find out some good companies, etc that can help me with my business.

                  However, I joined FINDTHATMONEY and it is a scam. I paid the $145 subscription and it is all fruadulent emails, etc. I notice there is no address for them, but only a phone number. If anyone who is reading this can help me I would greatly appreciate it. Please email me at amyeliz2009@gmail.com.

                  Thank you,
                  Amy
              • Re: Internet Venture Capital Scam or Not
                phatride Newbie
                I recently signed up to Find That Money and was surprised on the quick response... so surprised that it made me search around. I almost did pay, but I searched anyways and I am finding all these types of posts. I am curious if there is a website like Find That Money that does work.
                  • Re: Internet Venture Capital Scam or Not
                    basas1 Newbie
                    Please save yourself the time and effort...do not join FINDTHATMONEY...it is a scam as I know unfortunately! I am trying to find out how to get my money back and I am going to file a complaint with the FTC and see what happens. This is not right that so many people are being taken for a ride believing that these are real investors and they are not. It is sick!

                    If you have any ideas to help me please let me know at amyeliz2009@gmail.com.

                    Sincerely,
                    Amy
                      • Re: Internet Venture Capital Scam or Not
                        JBird2 Newbie
                        After a "short" one year free trail, I had a large number of reply's to my post, so I went with the lowest, one month discounted membership. Sent out all of my reply's, & mailed to a provided list of investors. During that month I had a few requests for info but no real investors, of the thousands of emails I sent to their list all I have now is twice as much junk mail & obvious scams. Plus now that my month is over I have a lot of very promising requests for information about my project that can not get my information to contact me unless I send FTM some money, is that any way to treat their paid investor members?
                        Is FTM real at all or do they only provide scammers with contact information and pay their own people to send out information requests to keep people interested to get them to pay to be scammed???

                        Read over some of the business funding requests some time, it can be entertaining. Some of the potential business plans list the main reason to invest in them is its "their turn", or the idea came to them at a party. Now FTM wants an added fee to put your "ad" ahead of the others, and who wouldnt want to move up 14 pages to get in front of little "Jeffy's" bar idea or screen play or change making business that will make money with volume customer numbers.

                        Too bad, if FTM was real, screened out the crud that uses the site to scam, & offered true investors, it would be a great idea, but as it is now there are far to many problems. I think from the "franchise offers" they were sending out last year we are to believe that FTM is under new ownership. Yet another self generated scam on their end.
                    • Re: Internet Venture Capital Scam or Not
                      FundRazor Newbie
                      I was a Platinum Member of FIND THAT MONEY.

                      In my opinion you will have more luck finding credible funders somewhere else.

                      I have talked to more scammers at FTM than I have time for !
                      • Re: Internet Venture Capital Scam or Not
                        khmarks Newbie
                        My experience is that venture funding is really obtained from relationships. Very low likelihood of finding capital via matching services or business plan submissions via the internet or email.
                        • Re: Internet Venture Capital Scam or Not
                          JBird2 Newbie
                          I have had the free service for some time now, now with the end of my free trial at an end (not having been told that in the begining) I have more replys to my post than ever before. Even though 99 out of 100 have been major scams (yes I have had that many), these new ones look much better, but I must now pay a $79 dollar fee (discounted) to reply. I think they have been supplying email contacts too scammers all along and now are inserting interesting replys to get me to join and send money to them so they can "sell" my information to scammers over seas. Chasing all of these leads has been very time consuming and expensive with bogus checks sent to me wanting me to wire legal fees or some crud to "Ralph" or who ever, some have even been very convinsing and did their home work, until it comes down to "send me money now, now, NOW... then they fade away.

                          Why arn't there any true "cheap or free" sites to post good ideas in need of funding that provide some level of documentation???

                          If you try findthat money along with everything else you can do, incert some extra letter in your name or some way to track responces, and be more than careful what you believe, never send money until you have verified everything & do not let them rush you into anything, real investors want to get things done right and are in no hurry to rush into anything. Only congress has to rush things through before it gets read & understood...
                          • Re: Internet Venture Capital Scam or Not
                            SmBizCPA Newbie
                            Hi,

                            I don't know about that scam, but I did see VentureLoop on LinkedIn. Jobs for VC-backed companies are listed. The VCs funding these companies are listed. Go directly to the VCs instead of trying to use an intermediary. But, as someone else said, personal relationships are important.

                            Have you watched the show Shark Tank on TV? It can give you an idea of what VCs are like. They want to make money off of you and your ideas. Be sure to understand if the VC/investor will want to control you and your business or if they are mostly just offering you financing. (Anything over 50% ownership of your company means that you no longer call the shots.)

                            Good luck.
                            • Re: Internet Venture Capital Scam or Not
                              phanio Pioneer
                              Not all of these companies are bad and some VC or especially ange groups do use the interest for marketing. But, as in any industry on the web, there are cheats and scams. Thus, it always pay to do your homework. Too many people are sucked in by the ease and promisies only to find out they are poorer and get no help for their business. It is a shame. Don't be a victim - do your homework or at least understand that nothing in business is free or easy.
                              • Re: Internet Venture Capital Scam or Not
                                WeGoLook Newbie
                                Here is a great slideshare presentation that might help you out-

                                http://www.slideshare.net/Wegolook/internet-fraud-complaint
                                • Re: Internet Venture Capital Scam or Not
                                  toyasha Newbie
                                  I have not heard of Find That Money; however, I am looking at fundsgo and their basic membership of $149.00. I have already received a few e-mails that sound legit but I am wondering if anyone else has ever used them. Any information would be greatly appreciated!