In an effort to complete the project, the pair made a deal to continue with Boe’s plan of paying back the money when his mortgage funding was released. Grayston immediately removed Boe from all company accounts, accepted his resignation and after discussing the issue with lawyers redistributed Boe’s shares back into the company. The distribution of the Peachy Printer Kickstarter funds. This is very understandable because crowdfunding is so new to Canada,” Grayston wrote in an open letter on the Peachy Printer website. When I talk to the police about this, I have to explain what crowd funding is, and how I think this problem should be approached. Crowdfunding empowered me, and now crime has brought me to a halt. My business partner and the Financial Manager of Peachy Printer, David Boe, has stolen a large portion of the crowd sourced money. “I ran a campaign in Canada for The Peachy Printer – a 3D printer project that raised over half a million in just 30 days – but now I’m in a very tough position. Unfortunately, at the time Boe was in the process of building a new home, and decided to start dipping into Peachy Printer funds to help complete it. When the corporate business bank account had finally been opened Boe immediately transferred $200,000 over to it, leaving the remaining funds in his own accounts. Rather than setting up a business bank account, all of the Kickstarter funds - $587,435.73 worth - were sent directly to Boe’s personal bank account. The problem, as seems typical with almost all of the successfully funded campaigns that end up collapsing, was an astonishing lack of, well, common sense. In a shocking update on Kickstarter today, as well as recently released two videos, Grayston finally came clean about his partner’s embezzlement of more than $320,000 of the Kickstarter funds.
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