Now, that’s changing as the company faces potentially serious investigations for financial fraud, embezzlement, and other criminal activities.
On the PledgeMusic site, a giant pop-up message from the board now appears:
To the Artists and Fans of PledgeMusic.
As many of you know, PledgeMusic suspended operations a number of months ago. The company continues to work with outside counsel on the most appropriate next steps, and we will update you with those specifics as we get more information.
For you artists, we have prepared a link for you to download your data from the platform here. Click “Download All”
(Please note that due to volume these might be slower than usual to process.)
For you Pledgers, you can download your past releases archive from here.
Ultimately, it was Benji Rogers, an original co-founder who tried to resuscitate the company, who announced the company’s bankruptcy. Rogers’ initial post promised that artists would be paid back as part of the proceedings, though that section was quickly deleted from the update.
We’re guessing that the ‘outside counsel’ referenced above nixed that section of the post. Rogers posted the bad news on May 8th.
Since that point, a raft of information has leaked about the company.
One source, who claimed to be an ex-employee, said that the crowdfunding company didn’t even maintain a proper escrow account for funds. Additionally, employees were allegedly ordered to lie to artists about their funds, even though the company knew they’d never be paid.