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| Traded as | OTC Pink: FNDM |
|---|---|
| Founded | 2007 (2007) |
| Headquarters | New York, US |
| Key people | Jason Galanis |
| Subsidiaries | AdvisorShares |
| Website | fund |
Fund.com Inc. is a US-based financial services information publishing company company that focused on the fund management industry. It's 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 founded 2007 through a reverse takeover of Eastern Services Group, a state and local tax advisor for Nevada casinos.
Domain name purchase
In March 2008, Clek Media announced that it had brokered the sale of the domain name “Fund.com” for nearly $10,000,000 in an all-cash transaction, to the company Fund.com Inc. Fund.com Inc never put out a press release on the transaction. The purchase price is the highest recorded price in history, followed by Porn.com ($9,500,000) Business.com ($7,500,000) and Diamond.com ($7,500,000.)
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 aquisition.
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
See also
References
- ^ "The Past May Be A Prologue For Fund.com And Weston Capital". Business Insider Australia. April 20, 2011.
- "Fund.com Inc. (FNDM) -Other OTC". Yahoo Finance. June 6, 2014.
- 'Clek Media Inc. Brokers World-Record $10 Million Domain Sale'
- "AdvisorShares Investments, LLC Purchase and Contribution Agreement".
- "Employment Agreement". Law Insider.
- "Termination of a Material Definitive Agreement, Notice of Delisting or Failure to S". August 24, 2010.
- 'Fund.com Acquires an Equity Interest in Vensure Employer Services and Whyte Lyon Socratic, Names Joseph J. Bianco as Chairman of the Board'