What is worse is the developers, artists and modellers duped into giving free work for him, and do not get paid. This is not funny. Some developers have worked for more than 6 months for free and terminated without payment nor royalties owed.
When they attempt to get money, they find a person who constantly keeps recruiting others into their project, no business operates at the address specified, no valid phone number. All there is, is a company that has no money, the owners do not pay to renew company license.
Never do profitshare if you value your time and skills (unless your doing it for fun).
Always get 10-25% of the sum upfront ( this also work as an cancelation fee)
Also, when somebody presents themself as an CEO but has no budget......run!!!