Back in 2020, I covered the purchase of the Radio Shack brand name. I recall at the time, that I thought it was a foolish venture for a brand that had all but exited the minds of the public. I didn’t expect to hear much from the idea since, but it seems that the SEC did some deep dives and uncovered a $112 million ponzi scheme. Apparently two gentlemen living in Puerto Rico, were promising investors high returns, equity, and dividends, but the reality was none of the many brands involved had profits. Some of the other big names involved were Dress Barn, Franklin Mind, Pier 1 Imports, and Stein Mart. Hundreds of investors put cash into this, and it remains to be seen how this will all unfold for them. And out of this is the sad likelihood that Radio Shack will again drift into obscurity.
RadioShack deserved better.
Source: Feds Say Company That Bought RadioShack Was Running $112 Million Ponzi Scheme
