Vending Machines Still Waiting for Black Boxes
Attorney General Jay Nixon said William McNeely, Craig Swoboda and Gail Wilkerson told investors they were developing a black box to attach to vending machines. The box was supposed to check the shelf life of food in the machines, as well as monitor purchases.
But, Nixon said, the company never did anything other than test the box.
"Some investors have requested from UMI their money back, and have not received it back," said Nixon spokesman John Fougere. "We're seeking restitution to get their money back they invested because the money they invested, clearly, did not go to its intended use."
McNeely told KOMU News he and his partners spent the $2 million on engineering and marketing the box. He said they would repay investors when the product started selling.
Nixon said the defendants spent the money for their own personal use, including luxury shopping, up-scale restaurant meals and to pay judgments against them in other lawsuits.
A hearing is scheduled for March 13 in Boone County Circuit Court.