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Infinium Labs in Trouble Again

Posted by Zonk on Wed Nov 02, 2005 01:34 PM
from the over-and-over-again dept.
The Courts Games
sm4kxd writes "Eurogamer is reporting that Infinium Labs is being investigated by the SEC. Apparently the SEC is particularly interested in the dealings of the company under previous CEO Tim Roberts, and are going so far as to file charges against Tim himself. The exact charges have not been revealed; Infinium believes it has to do with a 'recent SEC enquiry into phony fax scams, where penny stocks were illegally advertised to investors. The SEC also claims that Infinium did not keep accurate payroll and tax records during Roberts' reign, and owes fines and interest payments to the tune of USD 1.2 million.' It seems the more that is spoken of the Phantom, the more evidence there is that it is the most appropriately titled console in history."

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[+] Phantom Console Put on Hold 93 comments
technoid_ writes "Looks like the Infinium Labs Phantom Game Console is put on hold until they can secure some more funding. Right now the company is focusing on getting its Phantom Lapboard to the market, and may pursue the Phantom Game service later. Interesting note, they have spent almost 4 times as much on Consultants as they have in development costs so far." From the article: "From its inception in December of 2002 through September of last year, Infinium racked up $62.7 million in losses. Of that, only $3.5 million has been lost to development costs. The company has spent more than half that in advertising, even though none of its products or services have been released yet. More of the company's money has been going toward consultants ($12.8 million), salaries ($11.9 million), and general and administrative expenses ($5.9 million)."
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  • "Evidently, as part of their investigation, the SEC has concluded that Tim [Roberts] has done something wrong. We don't know what it was. I don't know if Tim even knows what it was." SEC doesn't know what it was or Infinium Labs? That's kind of scary if i

  • What's the latest on the Phantom? (Score:4, Funny)

    by pudding7 (584715) on Wednesday November 02 2005, @02:02PM (#13934371)
    I was looking for any recent updates on this extraordinary device, but can't find anything. Last I heard they had a tiny booth at E3 or something. Shouldn't they be launching soon?

  • Perhaps... (Score:2, Funny)

    by Colourspace (563895)
    ... Gizmondo could buy them out? At the very least they appear to have some sort f product..

  • Obvious (Score:1, Insightful)

    by Red Flayer (890720)
    So, /. previously covered Roberts's mob ties.

    When someone with mob ties has a crappy business that seems to lose a lot of money, or makes a substandard product with unexplained sales, what do the feds normally think?

    Money laundering.

    I know it's what

    • Re:Obvious (Score:2, Interesting)

      by BushCheney08 (917605)
      I remember seeing an article a week or so ago about mob ties for the Gizmodo people. I can't seem to find anything about Tim Roberts and the mob. Do you have a link?
  • It seems the more that is spoken of the Phantom, the more evidence there is that it is the most appropriately titled console in history.

    Just you wait until I introduce my console...Vapor!
  • Sorry, I've already forgotten all about the whole thing already.

  • Keep the faith (Score:4, Funny)

    by SiliconJesus101 (622291) on Wednesday November 02 2005, @03:12PM (#13934986) Homepage
    Their launch title is going to be Duke Nukem Forever, that's why we haven't seen any hardware yet.

  • this is sad (Score:2, Interesting)

    by clackerd (797052)
    ok, i'll admit it: i bought an atari lynx and a jaguar when they came out. i root for the underdog, almost to the point of throwing away money on inferior stuff. (i still play the lynx sometimes... i know, i know...) i am always looking for that hidden gem
    • Impressive. The Phantom box announced 3.0 ghz processing and 7.0 surround sound in 2003. They even run a windows xpe kernel that even Bill Gates didn't know exist.

    • I had a lynx also, and it's even more graphically powerful than it's web browser namesake. Seriously though, it's totally underrated. I wish it had beaten the gameboy senseless as it should have.
    • Nothing wrong with either the Lynx or the Jaguar. Neither were/ are "inferior". Atari in the late 1980s to mid 1990s were ingenious and inventive, and the Jaguar typifies that. Don't be embarassed about supporting them, Atari may have been the underdog but

  • Anyone suprised? (Score:4, Insightful)

    by GrandCow (229565) on Wednesday November 02 2005, @05:50PM (#13936406)
    It seems the more that is spoken of the Phantom, the more evidence there is that it is the most appropriately titled console in history."
    I'm sorry, maybe I missed something but I was under the impression that every single person on /. knew that this product was bogus.

    Is there anyone on this forum that honestly believed it would come out?

    • Is there anyone on this forum that honestly believed it would come out?
      No, but I'm sure this forum is home to a number of Devil's Advocates who will take the opposite opinion, either for the sake of debate, or to annoy all others.
  • I mean, what with all the dog killing going on.

  • Trusted Computing (Score:4, Informative)

    by Alsee (515537) on Thursday November 03 2005, @08:26AM (#13940155) Homepage
    For anyone not familiar with the Phantom console design, it is (or was?) to be pretty much a standard PC with a network card in a console box locked down with a Trusted Computing chip. The Trusted Computing chip is a boobytrapped self destructing crypto chip to hold the keys and secure the system against the owner. (If the chip detects you trying to get at your keys then it wipes itself.)

    Then they get to rent you game downloads over the internet. If you don't pay the monthly / daily / or even per-minute charges then your console securely deletes/deactivates the game. The entire business scheme is founded on the notion of denying people control over their own property.

    -
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