In a twisted world turned reality, Sherman was the only one who had access to the company's finances. Even Ecomom co-founder Emily Blakeney was in the dark about the company's bank accounts and expenses.
Just six months after securing nearly $6 million from investors -- and $12 million in total -- the company was out of money. Although his ideas could be brilliant, his money management skills were not.
Sherman had always struggled with money and utilizing it wisely. He struggled with taxes and even committed insurance fraud at the age of 16. This was apparent throughout his life, and even to the end of it, where he had almost no money in his bank account at the time of his death.
After Sherman's death, Ecomom was placed into an "Assignment for the Benefit of the Creditor," which is an alternative to bankruptcy. It has since been bought out by etailz, which operates GreenCupboard.com, and will reopen this summer.
Just six months ago, Ecomom seemed to be doing well. It's gone into bankruptcy, been bought out and the founder is gone. Employees, board members and investors say they can't believe it all happened so fast. Sherman had many close friends. He had a wife. He had many investors (65 in all) who wanted to him succeed. He was a figure among the Las Vegas start-up community, who adored both his work and his personality. Family and close friends are still struggling to find peace. Sherman was even supposed to meet a friend for a movie the day he died. He continued to make plans as if nothing was wrong. As if nothing was going to happen. But at 11:12 PM, that Sunday night, there was Sherman, 25 miles from his Las Vegas home, dead. No note. No clues. He would've turned 48 five days later. As the grandson of a World War II veteran, I express my gratitude to all of the men and women who served in the armed forces and for those families that have lost someone in active duty. Thank you. -- Written by Bret Kenwell in New York. Follow @traderboy23 This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts