A Man Claimed to Be Launching a Luxury Shopping Website, Spent Investors’ Money on Dog and Groceries Instead

Yes, this was the website's actual logo.

Andrew Albert convinced several investors to give him $590,000 to start a luxury shopping website called On1Ave back in 2008. The site, according to Albert's pitch, would allow visitors to visit virtual shopping areas with actual stores like Ralph Lauren and the Gap, where they could "try on" clothes "using avatars programmed with the shopper’s measurements before purchasing."

Entrepreneur Indicted After $590 K. Investment Allegedly Produces No Website, Just Tribeca Loft and $26 K. in Groceries [BetaBeat/NYO]