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Revision as of 00:02, 16 October 2017 editSargdub (talk | contribs)Extended confirmed users21,221 edits add link← Previous edit Revision as of 17:52, 3 March 2018 edit undo98.211.72.57 (talk) Fund.com no longer a partial owner to advisor shares <ref> https://seekingalpha.com/filing/3761665 </ref>Tag: references removedNext edit →
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| key_people = Jason Galanis<ref name=bi_jason>{{cite web |url=http://www.businessinsider.com.au/the-past-may-be-a-prologue-for-fundcom-and-weston-capital-2011-4 |title=The Past May Be A Prologue For Fund.com And Weston Capital |date=April 20, 2011 |publisher=Business Insider Australia}}</ref> | key_people = Jason Galanis<ref name=bi_jason>{{cite web |url=http://www.businessinsider.com.au/the-past-may-be-a-prologue-for-fundcom-and-weston-capital-2011-4 |title=The Past May Be A Prologue For Fund.com And Weston Capital |date=April 20, 2011 |publisher=Business Insider Australia}}</ref>

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===Decline=== ===Decline===
In September 2011 an unusually large 1 for 120 reverse split of Fund.com shares failed to stop the share price slide. Fund.com lost 99% of its value that year giving a market value of around $8.4 million<ref name=bi_jason></ref> In late 2016, Thomas Braziel was assigned as a receiver to Fund.com and investigated how he could monetize the remaining assets of the company on behalf of shareholders. Among other things, he is trying to recover the fund.com URL that the previous management sold in an allegedly fraudulent transaction involving John Galanis. In addition, fund.com and ] settled a lawsuit over an ownership dispute. While AdvisorShare has already paid fund.com $2 million, Braziel is trying to recover an additional $2.2 million dollars owed by AdvisorShares and unseal the terms of the confidential settlement made with the previous owners of fund.com. <ref>{{cite web|last1=Svenda|first1=Jan|title=Fund.com - Peculiar Legal Opportunity With Activist Catalyst|url=https://seekingalpha.com/article/4091377-fund-com-peculiar-legal-opportunity-activist-catalyst|website=Seeking Alpha|publisher=Seeking Alpha|accessdate=20 August 2017}}</ref> In September 2011 an unusually large 1 for 120 reverse split of Fund.com shares failed to stop the share price slide. Fund.com lost 99% of its value that year giving a market value of around $8.4 million<ref name=bi_jason></ref> In late 2016, Thomas Braziel was assigned as a receiver to Fund.com and investigated how he could monetize the remaining assets of the company on behalf of shareholders. Among other things, he is trying to recover the fund.com URL that the previous management sold in an allegedly fraudulent transaction involving John Galanis.


==See also== ==See also==
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Revision as of 17:52, 3 March 2018

Fund.com Inc.
Fund.com Logo
Traded asOTC Pink No Information: FNDM
Founded2007 (2007)
HeadquartersNew York City, US
Key peopleJason Galanis

Fund.com Inc. is a US-based financial services information publishing company and fund platform that focuses on the fund management industry. Its aims were to provide a destination website for investments, including mutual funds, hedge funds, money market funds, exchange-traded funds (ETFs), closed-end funds, index funds, commodity funds and other types of pooled investment vehicles.

The company saw a significant decline in its share price after a soured business deal in late 2009 after which it has only traded in the “pink sheets”. Some of its senior executives were connected to Westmoore Capital from which Fund.com raised $1.5 million in 2008. Westmoore Capital was closed down by the SEC for running a $53 million Ponzi scheme.

History

The company was formed through a reverse takeover in January 2008 of Eastern Services Group, a state and local tax advisor for Nevada casinos. After the merger the name was changed to Fund.com

Domain name purchase

In March 2008, Clek Media announced that it had brokered the sale of the domain name “Fund.com” for nearly $10 million in an all-cash transaction, to the company Fund.com Inc. Although never confirmed by the company itself, the purchase price would have been the highest recorded price paid for a web site domain up to that point, followed by Porn.com ($9.5 million) Business.com ($7.5 million) and Diamond.com ($7.5 million). However, some industry insiders have questioned the validity of the amount reported.

AdvisorShares acquisition

In 2008 the company purchased a 60% stake in AdvisorShares for an initial payment of $275,000, on October 31, 2008. Noah Hamman who founded AdvisorShares was paid a base salary of $240,000 per year by Fund.com after the acquisition.

Vensure Employer Services attempted acquisition

On November 4, 2009, Fund.com announced its purchase of an equity interest in Mesa, AZ.-based Vensure Employer Services, Inc., a professional employer organization that provides benefits and payroll administration, health and workers' compensation insurance programs, employee training and development services, and retirement benefits plans, such as 401k's, for small and medium businesses. The equity is represented by $21.9 million of participating preferred stock of Vensure.

Fund.com was unable to meet the contractual obligations of the purchase and the transaction was subsequently reversed.

Whyte Lyon Socratic acquisition

In November 2009, the company also announced that it had purchased 100% of the capital stock of Whyte Lyon Socratic, Inc., a developer of online education programs for investors, debtors and professionals. As part of that transaction, Whyte Lyon's president Joseph J. Bianco was named chairman of the board of Fund.com.

Whyte Lyon Socratic specialized in long-distance learning and assisting online students in developing the necessary skills to understand financial transactions and financial markets; develop money management skills to help them manage their income and wealth; and reach particular goals, including homeownership, debt reconciliation, and improved credit scores.

Decline

In September 2011 an unusually large 1 for 120 reverse split of Fund.com shares failed to stop the share price slide. Fund.com lost 99% of its value that year giving a market value of around $8.4 million In late 2016, Thomas Braziel was assigned as a receiver to Fund.com and investigated how he could monetize the remaining assets of the company on behalf of shareholders. Among other things, he is trying to recover the fund.com URL that the previous management sold in an allegedly fraudulent transaction involving John Galanis.

See also

References

  1. ^ "The Past May Be A Prologue For Fund.com And Weston Capital". Business Insider Australia. April 20, 2011.
  2. "Fund.com Inc. (FNDM) -Other OTC". Yahoo Finance. June 6, 2014.
  3. 'Clek Media Inc. Brokers World-Record $10 Million Domain Sale'
  4. "Fund.com Sells for a Record $10 Million". DomainNameNews. December 3, 2008.
  5. "AdvisorShares Investments, LLC Purchase and Contribution Agreement".
  6. "Employment Agreement". Law Insider.
  7. "Termination of a Material Definitive Agreement, Notice of Delisting or Failure to S". August 24, 2010.
  8. 'Fund.com Acquires an Equity Interest in Vensure Employer Services and Whyte Lyon Socratic, Names Joseph J. Bianco as Chairman of the Board'
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