Netcapital

Two days before this review, the SEC filed a civil securities-fraud action against Netcapital Inc., its CFO and other defendants, alleging the company materially overstated revenue — nearly $14 million, per the complaint — through purported consulting agreements, some allegedly forged. Those are contested litigation claims, not adjudicated findings, and they land on top of what AltStreet's own data already showed: a Form C census of 473 offerings since 2016 in which the median offering raised $48,580 against a median $1 million displayed maximum; a custodial structure in which investors do not hold their shares directly; and a parent whose filings carry a going-concern warning, $19.9 million of portfolio-company impairments — including stakes in companies that had raised on Netcapital — and a secondary-trading feature 'paused' after years of being marketed as the liquidity answer.