Back in 2013 a Kickstarter project launched as the world’s first 3D printer & scanner, it was called the Peachy Printer, it raised more than CAD $600,000 and promised to ship within several months.
However, that time has now gone and it is now being reported by the projects own co-founder that the money raised was embezzled.
This was revealed in a video that was posted on the Peachy Printer website by Ryan Grayson, the project’s co-founder, it was revealed that nearly half of the money had been embezzled by Grayson’s partner, David Boe.
According to the report, this all happened in 2014, however, it has only been reported now.
After the campaign ended Boe and Grayson had nowhere to put all of the money raised, so Boe deposited the money into his personal bank account, but according to Grayson, he only transferred CAD $200,000 once a corporate bank account was opened.
Grayson said that Boe kept all of the money after this, totalling more than CAD $324,000, which was reportedly spent on building a house in Saskatchewan, which Boe built and promised to repay the project with interest.
Two years later, Peacy printer is out of money.
According to Grayson, Boe has currently only paid CAD $107,000 of the CAD $324,000+ he promised, and so he has decided to work through a lawyer to negotiate the remaining payments.
He now urges backers of the project to contact the police.
What does this mean for backers? Well, they are probably out of pocket. That said, Grayson has already received a family loan of CAD $50,000 and government funding to support the project, he plans to reach out to other investors to ship 3D printers, but you probably shouldn’t keep your hopes up.