Yesterday Jason Elrod, founder and CEO of Disrupt Worldwide, LLC. made the following announcement on his Facebook wall.
We have been informed that a former Disrupt affiliate had apparently been soliciting people to give him money in exchange for a purported “share equity” investment in
Our investigation proved that the allegations were accurate and the affiliate was immediately terminated.
Disrupt is not selling any ownership interest or stock and has not authorized the resale of any ownership interest by this former affiliate or any others. Disrupt did not receive one red cent of investment money from this individual.
Disrupt takes all regulations seriously, and if our legal and compliance staff feel this action is grounds for regulatory discipline we will file a complaint against the former affiliate with the appropriate authorities, in our home state, the affiliate’s home state as well as with federal regulators.
If you are solicited by anyone purporting to represent Disrupt for investment purposes, immediately report any person who claims to be selling an investment or ownership interest in Disrupt to the the following: email@example.com
It was not a surprise to me, as I had been following the saga all weekend long. Elrod had reached out and shared his side of the issues. I then reached out to Kingston to get his side of things.
Two items of importance comes to mind as educational moments for us all.
- NEVER take money from your sales teams for any reason.
- NEVER rely on a verbal agreement when dealing with the potential selling of unregistered or registered securities.
Now one very important question that comes to mind when reading through everything below…
WHAT HAPPENED TO THE MONEY?
Kingston doesn’t deny he was accepting money. But he never mentions what happened to it! If Disrupt didn’t receive it, then where is it?
Below is the most current info.