Posts tagged with Oversee.Net

The domain name industry gets its Bernie Madoff

He may not have run a $50bn ponzi scheme but the domain name industry has found its Bernie Madoff. Yesterday, it was revealed that an employee of SnapNames, a popular domain name drop service and auctioneer, had been bidding on SnapNames domain name auctions, winning valuable domains, inflating auction prices and boosting revenue for the company in the process.

All told, the employee, who was an early member of the SnapNames team and a vice president at the company, is said to have participated in 5% of SnapNames' total auctions between 2005 and 2007 and that the value of his bidding accounted for 1% of SnapNames' revenue during that time.

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