Armand Rousso's past and a deeper look at Accoona's business has observers wondering if the company will be able to conduct a planned IPO.
Accoona Co-Founder Has Colorful History
makes Blodget more qualified than anyone to comment on Accoona:Accoona describes itself as being in three businesses: lead-gen, search, and e-commerce. The first two businesses are listed first, presumably because they're sexier, but make no mistake: Accoona is an e-commerce company: 97.5% of revenue in Q1 came from selling consumer electronics and home appliances (an awful business without massive scale, which Accoona lacks).Accoona isn't making money on that e-commerce, either, as Blodget cited an awful gross margin of less than 10 percent for that business. Wilson proceeded to note a couple of legal episodes involving Rousso. In France and the US, Rousso was convicted of securities fraud (France) and pleaded guilty to a pair of felony charges while being banned from the securities industry (US). "There's a lot more sordid reading in the filing,"
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