Doug Monahan, the creator of the most famous crowdfunding scam which would later be known as the iBackPack scam, would never know that back in 2016 when he would take the world by storm with his bag named the iBackPack, it would soon catch the eyes of the FTC and end up in a rigorous investigation scenario. The company would be entwined into the worst crowdfunded scam of all time. Before proceeding with his ins and outs, we thank our amazing team at Morgan Financial Recovery of over 56+ attorneys, bankers and private investigators who burned the midnight oil to bring such a major scam into the limelight. The team has been there for over a decade now and has successfully recovered more than $3 million with over 2400+ cases solved so far.
What caused this scam can be a pretty interesting affair. The bag was advertised to have 50+ pockets, multiple battery packs, RFID blocking pouches, USB hub, anti-theft, and a mobile speaker and portable hotspot for wifi charging being inbuilt. It seems a lot of stuff in a bag that people ended up believing to be possible.
About 3 years ago, Morgan Financial Recovery had already sent an email so as to warn its customers about the iBackPack scam and to stay away from him. It was advised not to back the project on any crowdfunding platform, be it Kickstarter or IndieGogo.Most of our clients took it seriously and saved their money. The others who didn’t contact us directly and shared their sad story about how they lost the money and became a victim. However, still, we helped them recover the funds, all thanks to our amazing team of attorneys, bankers and private investigators. Either way, it's a positive note but iBackPack scam still remains as the biggest crowdfunded scam ever.
Morgan Financial Recovery investigated Doug Monahan, the founder of the iBackPack scam into the limelight. Some things that he described about the backpack were quite questionable in nature. In reality, all these features were actually crammed into an old backpack and a few beta units were also shipped just to win over the trust of the customers. What resulted in the truth is that thousands of units were pre-ordered, netting nearly $800,000, however, the backpack was never delivered.
We also found out that Mr. Monahan used the funds for his own benefit of buying cryptos and real estate and also paying off his credit card dues. Acting as his own personal lawyer, he threatened to sue anyone who stood against him and also said that if anyone decides to stand up against him, he would leak all private information of the investors to the public.
It is always advised to first take the advice of the experts here at Morgan Financial Recovery. As a recovery firm, we always believe that all people, irrespective of the fact whether you are your customer or not, you have the right to the genuine information and hence, we brought the details of the iBackPack scam to you. One should always investigate the product before purchasing it and the use of common sense is also very essential. If the product is in development stages, one should stay away from it. If it is in the marketing stages i.e fully deployed and ready for shipment, then you can rely upon it and back up the product. Also, make sure there is a refund option on the website as many a time, the product fails to reach you and you can ask for a refund directly.
In spite of a lot of precautions, there are times when you end up becoming a victim of scams similar to iBackPack Scam. All thanks to the amazing team that we have at Morgan Financial Recovery, we are able to deal with such scams on a regular basis with ease. If you have been a victim of the iBackPack Scam, you can contact us directly and our team will get back to you at the earliest.