/ News / Peachy Printer Kickstarter funds embezzled and used to build a house

Peachy Printer Kickstarter funds embezzled and used to build a house

Andrea on July 9, 2016 - 2:09 pm in News
3D printing was a hot emerging market in 2013, but all the printers were so expensive. Enter the Peachy Printer, a $100 3D printer that was funded on Kickstarter to the tune of $651,091 (Canadian) in late 2013. Here we are two-and-a-half years later, and cofounder Rylan Grayston has revealed that most of that money was embezzled by his business partner and used to build a house.

Grayston is the fellow you see in the campaign video below. He’s looking a bit more grizzled now after dealing with his shady business partner David Boe over the last few years. According to Grayston, the initial payment from the campaign in late 2013 was deposited in Boe’s personal bank account because the company’s business account was not set up yet. However, when faced with all that cash in his personal account, Boe decided to transfer only $200,000 (Canadian) to the business account. A few months later, the rest of the money in Boe’s account was gone.

At that point, I think most businesses would have called the police, but not Peachy Printer. Perhaps driven by a desire to pick up the pieces and actually ship the printer, Grayston and company managed to get Boe to admit wrongdoing and agree to a repayment plan with interest. This approach seems like a bad idea, and indeed, it didn’t work. We’re hearing about this now because Boe has been unable to repay the $324,000 he stole. Peachy Printer has only been reimbursed $107,000 and it’s out of money. And yes, the police are involved now.

Grayston has posted extensive details on the Kickstarter page to back his version of events — and actually, there isn’t another version. Boe admitted embezzling the money in an incredibly cringe-worthy video, which you can see below. I’m sure backers will still be rightly upset that everything was kept secret until now.

So, what about the printers everyone ordered? It seems unlikely Boe will be able to pay back the more than $200,000 remaining on his bill. Grayston says he is looking into additional funding to finish the project and ship the 3D printers for which people paid $100 to $500. I wouldn’t hold your breath. The police are now investigating the case, which will probably result in the arrest of Boe. Contact information for the investigators is listed on Kickstarter for any backers who wish to get in touch.

 

Source: News – Geek.com

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