The Post has a related report from a couple of years ago. Dubious money from top to bottom.
Arc Capital, an investment advisory firm based in Shanghai, has repeatedly helped create or finance companies with little or no revenue, no customers and office locations that point to P.O. boxes, according to a Washington Post review of regulatory and court filings. One claimed to be developing autonomous drone software despite having no employees; another said it operated a publicly traded in-home bakery “specializing in freshly-made cakes and cupcakes” before saying it pivoted into touch-screen technologies for a “diversified blue-chip client base,” regulatory filings show.
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This year, Arc helped create Digital World Acquisition, an investment vehicle that has raised over $1.2 billion to conduct a merger with Trump Media and Technology Group. Digital World is what’s known as a special purpose acquisition company, or SPAC, a type of shell business that raises money from investors to acquire a private start-up with strong growth prospects. The deal, which still must be approved by shareholders and regulators, has the potential to enrich the former president and turn his nascent social media start-up into a public company overnight.
