Capazoo Blows $25+ Million

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Capazoo Blows $25+ Million

Postby snwmark » Thu Mar 20, 2008 7:44 pm

TECH CRUNCH -- Mar 19 -- Canadian social network Capazoo has fired most of its staff (60 people) and is heading to the Deadpool. The big issue was fraud amongst the founders, two brothers, who were taking 10% commissions on all funds raised. They took almost $2 million out of the company before reaching more then 10K
users and ballooned the staff to 130 staff before starting to do layoffs.

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