Investors Allege 40% Gut-Punch Loss on Prodigy Network, Allege PN Misappropriated Investor Funds
Updated: Apr 2, 2020
Investors allege a 40% loss on 84 William Street deal (along with being asked to pony-up $9.3 million more to avoid a 100% loss). This, after other problematic deals and allegations that Prodigy misappropriated $2.5 million of investor money and is allegedly "broke"...
Caption: Prodigy Network CEO, Rodrigo Niño, (left) and Prodigy Network's ex-COO Vincent Mikolay (right) have each allegedly accused the other of misappropriating up to $2.5 million of investor money.
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Prodigy Network burst onto the scene several years ago in a huge way. It was the only platform to run full-page glossy ads in expensive magazines, including The Economist. Its attractive website was much easier to use than those of the rest of the field. Their polished presentation was extremely compelling and even included professional videos (which weren't common back then). Their deals were massive by crowdfunding standards (some over $100 million), and investors appeared to snatch them up enthusiastically and quickly. Prodigy Network appeared to be a well-funded, popular, major player.