A few years ago James Manning, a Brit who runs a cleaning company, decided to get into the movie business.
The 50-year-old went online and bought a stake in cinema-technology startup Kinopto Ltd., which was selling shares via a website. But Kinopto soon folded and Mr. Manning lost his money. “It was always going to be a high-risk investment,” says Mr. Manning, who put several thousand dollars into the venture.
