Scam on funding sites

[JohnTranter]

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I saw this on Reddit yesterday and it still makes me laugh because of the sheer audacity. The scam is this:

1) Find an unusual product on Ali Baba (or similar)
2) Start a ‘Fund Me’ campaign saying that you’re developing the product. Promise a product if people pay $X or more.
3) When the ‘Fund Me’ finishes, buy the products in bulk and ship them out if as needed.

You get the startup capital and know exactly how many to buy.

The original thread is here:
https://www.reddit.com/r/Entrepreneur/comments/40v9ls/guy_from_this_sub_running_scam_indiegogo_campaign/

Oh I wish it was that easy.

edit: Ok, it may not be a ‘scam’ but it’s certainly fraud of some sort.

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