Falfurrias Capital Partners acquires majority interest in DCTech company Industry Dive

Congratulations to the co-founders, CEO Sean Griffey (pictured above), CRO Ryan Willumson, CTO Eli Dickinson and the entire Industry Dive team, the best little company that DCInno never heard of. Industry Dive announced today that Falfurrias Capital Partners acquired a majority stake in the DC-based company. According to the company,  Industry Dive, "provides premium business news, original analysis, and other information products and services to more than 7 million executives across 19 industry verticals ranging from banking and supply chain to retail and waste." Founded 7 years ago, in 2012, Industry Dive started with a $900 thousand capital infusion by the founders and a small group of local Angels. Angels contributed $400 thousand in an initial seed round. That round was followed by another $250 thousand in equity and $250 thousand in convertible debt. The Washington Business Journal reported 2018 revenues as "roughly $22 million." The company's acquisition press release states, "Industry Dive's three-year growth rate of 348% placed the company in the top half of the Deloitte Technology Fast 500 and earned it a ranking as the 13th fastest-growing media company on the 2019 Inc. 5000 list. The company also has been recognized three years in a row as a top workplace by the Washington Post, and has...

Jennifer Mellon and Danny Boices’s Trustify Woes Add Up

Are you keeping score of Jennifer Mellon and Danny Boice's Trustify Woes? Well, I am. First, there is the bankruptcy case that alleges Jen Mellon and Danny Boice embezzled cash and defrauded investors. In this suit, Anchorage Capital who invested $6.5 million in Trustify alleges that Boice transferred $750 thousand per year into a personal account used to fund Boice and Mellon's household expenses. This was in addition to the $600 thousand a year the couple paid themselves to be officers of a money-losing dumpster fire. The suit alleges many transgressions against all the Trustify officers but specifically names Jen Mellon and Danny Boice multiple times. The suit stresses the importance of cutting Boice and Mellon off from the company's cash as soon as possible (see paragraphs 34 and 25 from the suit). 34. The facts likewise show the dire need for this Court to issue an Order maintaining Trustify's status quo and enjoining Boice, Jennifer Mellon, and Trustify's other current and former officers or representatives, from disbursing any funds or transferring any assets other than those needed to meet Trustify's day-today obligations, and from continuing to engage in the wrongful conduct that is causing damage to the interests of Trustify, its stockholders, and its investors. 35. Indeed, given...

Is Jonathon Perrelli’s LifeFuels About To Become a Company?

(Updated 5:51 PM August 29, 2019) Hallelujah, Jonathon Perrelli! Yes! Yes! Yesssssssss! It's happy days for LifeFuels investors. According to an article first reported by Andy Medici in the  Washington Business Journal, Jonathon Perrelli's, LifeFuels will be shipping product at some yet to be identified mythical time in the not so distant near future like perhaps some time on some unspecified day this September...

We Missed Trustify Loses Lawsuit with Centro Global Solutions

Bad news for Danny Boice and Jennifer Melon. While we were sleeping we missed another judgment against former dumpster fire now smoldering embers company, Trustify. On June 3, Winchester Virginia-based, Contact Management Software Provider, Centro Global Solutions, won a $25,000 judgment against the firm that ceased operations months ago. Add this judgment to Danny Boice and Jen Mellon's woes, a list that includes: Boyce owes his ex-wife over $50 thousand in court fees and back child support Trustify owes - Dini von Mueffling Communications LLC – Suing for $240 thousand Trustify lost a judgment to eight former employees, Matthew Scott, Elisabeth Nugent, Kevin Wiggins, Stacy Blackburn, Bey Wesley, Matthew Blanchard, Bernadette Vielhaber and Andrew Little – Suing for $35 thousand – (see the filing here and here’s an article) Trustify owes $250 thousand to their attornies, Buckley Sandler LLP, Trustify owes Kastle Systems Trustify lost a judgment to JBG Smith Properties for $260 thousand Trustify owes ADP Trustify owes Bill.com Trustify owes Hubspot Boice has not paid a court judgment of $7,250 against him from Northern Virginia cosmetic and reconstructive surgeon Suzanne Kim Doud Galli for his nose job Trustify owes - Multiple contract Private Investigators – Estimated to be in excess of over $150...

The Arraignment of Andy Powers Communicliqe

It's a warm muggy August morning, 10:37 AM in Alexandria VA as I enter the US 4th District Court House, sans phone, or any electronics (which is why I had to do the extremely competent, near-professional, artistic collage and rendering of the back of Powers' head as he faced the judge), show my ID, go through the scanner and up the escalator. In the courthouse second floor lobby, I am surprised to see Eugene Gorokhov of Burnham & Gorokhov, Andy Powers' former attorney assigned as a public defender. Former because Gorokhov represented Andy up until two weeks ago when Powers dismissed him. Andy who couldn't afford an attorney and was therefore assigned a public defender all of a sudden found the money to afford private counsel. Two weeks ago, this scum-sucking pig told the court he was firing Gorokhov, who was hired as a public defender in favor of a newly hired although still not yet hired, unnamed private attorney thus delaying the arraignment two weeks. That's why we're all here today (see more here). If you are not familiar, with the Powers case. In 2006, Andy Powers started Communiclique (aka Clique API). In summer 2018, a Commonwealth of Virginia Court found...

DCTech Executive and Mindshare Member Dede Haskins Succumbs to Brain Cancer

Dede Haskins, a fixture in the DC Tech community passed on August 8th at the Capital Caring Adler Center in Aldie, VA. Dede, succumbed to a four year battle with brain cancer. For over a decade Dede Haskins worked tirelessly to help build the technology ecosystem and concentrating her efforts on promoting women in technology. Dede was a member of the Mindshare Class of 2008. Mindshare is a DC Area organization of over 1,000 local tech CEOs.  Dede was the 2004 President of Women in Technology. Haskins served five years as the president of STEM for Her. She was a Director of the local chapter of The Founder Institute. Dede was a kind, thoughtful woman who was generous with her time. I will miss her counsel and she will be missed by the DC Tech community. She is survived by twin daughters, Morgan, and Shannon.  Ladies, please know that many of us loved your mother and mourn your loss. Jeff Payne who worked with Dede Haskins at Cigital, a company he founded posted, Words cannot describe the sadness I feel. Dede worked with me at Cigital for many years and we've been friends ever since. She had the unique ability to be a no nonsense...

Clique CEO Andy Powers indicted on 8 criminal counts

Clique  CEO Andy Powers indicted on 8 criminal counts in the United States District Court for the Eastern District of Virginia, Alexandria Division on July 24, 2019. Clique's (AKA Communiclique) Andy Powers faces 4 counts of wire fraud, 1 count of mail fraud, 1 count of inducing interstate travel to defraud, and 2 counts of unlawful monetary transactions. Add these charges to a $10 million judgment against Powers in a Virginia Court just a year ago. Wire fraud, February 17, 2016 - $1,000,0011 Wire fraud, August 8, 2016 - $115,200 Wire fraud, September 6, 2017 - $100,005 Wire fraud, September 1, 2017 - $440,000  Mail fraud, April 4, 2017 Inducing interstate travel to defraud, November 29, 2016 Unlawful Monetary Transaction, September 21, 2015 - $75,308 to purchase a 2015 GMC Yukon Unlawful Monetary Transaction, September 25, 2015 - $157,050 to purchase a 2015 BMW i8 The indictment also mentions the bonehead move by Powers when he admitted in a posted he defrauded investors (he called it a little mistake) on his website. If this imbecile had consulted an attorney, he would have been advised to not address the case in a public forum. These words came back to bite him. "On or about October...

Andy Powers Communiclique Court Delay

It appears that Andy Powers is still negotiating his plea bargain. It appears that the courts are not pursuing charges against the company's former CFO Tim Lee and Chairman of the Board Ram Reddy.  That's a head-scratcher, how could the Chairman of the Board and CFO not know their company barely had any revenues? How could they not know that the company was hemorrhaging cash?  Communiclique(aka Clique or Clique API) clearly appears to be a $50  - $70 million Ponzi scheme. I don't know if Tim Lee or Ram Reddy are guilty of any crime. Based on paragraph 26 of the criminal complaint (see below), someone with the initials PR, likely Ram Ready whose legal name is, Parvathareddy Balarami Reddy claimed he just passed on information. He didn't verify the accuracy? 26. P.R. was interviewed by the FBI and advised that all of the information he passed along to investors came directly from POWERS. It appears PR asserted he passed on information that came directly from Powers and it infers that PR didn't know the information he passed on to investors included bold-faced lies. An attorney, John P. Rowley III of  SCHERTLER & ONORATO, LLP, who claims to represent Ram Reddy in which R. Rowley asserts in a letter to...

Andy Powers Communiclique (CliqueAPI) Criminal and Bankruptcy Court Update

According to Andy Medici of the Washington Business Journal, federal prosecutors are working with Andy Powers, CEO of Communiclique, AKA Clique API on a plea deal. The article which is behind a paywall states: “The parties in this case are exploring a pre-indictment guilty plea,” the joint motion reads. "The parties are working diligently, however, the investigation in this case covers a period of several years and the financial evidence is voluminous." The government is represented in the case by Federal Prosecutor, Jack Handy. Powers' requested a public defender, which is usually only supplied to indigent defendants. Powers is represented by Eugene Gorokhov of the white-collar criminal defense firm Burnham & Gorokhov. It is not clear if they Gorokhov was assigned the case as a public defender or if Powers is footing the bill (For more information about the case see this post). Whoever is footing the bill appears to be getting their money's worth as Powers has ceased many of his bonehead actions.  Powers has clammed up. He did not respond to Andy Medici's request for comment and he got rid of moronic blog posts in which he admitted his guilt. For instance, back in May of 2019, Andy Powers wrote a post, admitting...