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FTC cracks down with crowdfunding case

June 12, 2015View for printing

In its first action involving the multibillion-dollar crowdfunding industry, the Federal Trade Commission charged that a man used money raised through Kickstarter for rent and other personal expenses instead of producing the board game he promised.

The case is part of a wider FTC effort to protect consumers who are using new financial technology such as crowdfunding, mobile payments and virtual currencies.

Crowdfunding, which allows people to raise money online from many people, has grown sharply in recent years. In 2013, such platforms raised $5.1 billion, the FTC said.

Andrew Khouri Los Angeles Times

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