SnapNames VP, used the false name “Hank
Alvarez” to improperly bid in certain
SnapNames auctions. A company statement said,
"In some cases, Brady also embezzled
funds from Oversee by fraudulently refunding
himself a share of the purchase price for names
he won." The suit seeks to recover $33
million from Brady, including punitive
official statement added, "For
several months, the company has in good faith
attempted to settle privately with Brady to
recover its losses, including the rebate fund
established by Oversee to address Brady’s
activities and the funds he embezzled from
Oversee. Those settlement efforts have been
and SnapNames discovered the fraudulent activity
in the fall of 2009 and notified its customers
and employees of the situation last November.
Oversee made available to affected customers
a cash rebate in the amount they
Former SnapNames VP
a comment on how Brady's actions impacted the
company the statement said, "Oversee
will be demanding millions of dollars from Brady
for the damage he caused to Oversee and SnapNames.
No amount of money, however, could compensate
the damage Brady has caused to SnapNames’ and
Oversee’s reputation in the marketplace."
respect to any criminal charges against
Brady, the company statement said "In
November 2009, Oversee voluntarily disclosed
Brady’s conduct to both the U.S. Attorney’s
Office and to the Federal Trade Commission.
Oversee will not publicly discuss anything
relating to law enforcement matters.